OKLink and OKCoin Japan have reached a strategic cooperation to enter the compliant market in Japan
OKLink, as a global leading on-chain security service provider, has product lines including blockchain explorers, on-chain monitoring, and on-chain guardians.Author: OKLink
OKLink Holdings Limited ("OKLink Holdings" or "the Company", 1499.HK) today announced that its subsidiary OKLink Fintech Limited ("OKLink") has reached a strategic cooperation agreement with the licensed exchange OKCoinJapan in Japan. The company will provide Know-Your-Transaction (KYT) services to OKCoinJapan, helping to enhance the overall compliance standards of the platform and create a secure trading environment.
This marks OKLink's first foray into the Japanese compliance market and is an important step in the company's internationalization strategy; it solidifies the company's commitment to assisting international regulatory anti-money laundering (AML) practices and creating a safe digital asset trading environment.
As a major global digital asset trading market, Japan's local regulatory authority—the Financial Services Agency (FSA)—has strict requirements for participants in the digital asset market: the threshold for applying for a compliance license is high, the application process is lengthy, and no exchange can conduct related business in compliance until it has formally obtained a license.
Licensed exchanges are also required to manage platform assets and customers in relation to anti-money laundering to ensure the compliance of transactions. Starting from April 1, 2023, all digital asset exchanges in Japan will begin implementing the Financial Action Task Force (FATF) Travel Rule, focusing on compliance exchanges to continuously combat money laundering activities.
OKCoinJapan is the first digital asset exchange among the world's leading exchanges to obtain recognition from the Financial Services Agency of Japan through a self-application process. Due to the oversight of the FSA, all external business collaborations of OKCoinJapan must be reported to the regulatory authority for approval. The realization of this strategic cooperation with OKLink also reflects the recognition and support of Japanese regulatory authorities for OKLink's various services.
As a global leader in on-chain security services, OKLink offers product lines such as blockchain explorers, on-chain surveillance, and on-chain guardians. The amount of on-chain data recorded has exceeded 200TB, supporting full node data analysis for over 20 public chains, with on-chain transaction data reaching 16.7 billion entries, multidimensional address data exceeding 2 billion entries, and address label data reaching 2 billion entries.
John Feng, head of OKCoinJapan, stated: "We are pleased to establish a strategic partnership with OKLink. Through this cooperation, we hope to achieve our anti-money laundering goals while enhancing the security of the entire digital asset ecosystem."
Ren Yunan, Chairman and CEO of OKLink, stated: "We are delighted that OKLink has taken the first step into the Japanese compliance market, solidifying our foundation in assisting international regulatory authorities in anti-money laundering efforts. This is a small step for our business, but a significant step in the fight against global cyber financial crime. In the future, the company will continue to deepen its business layout and expand services to more regions."
