FSA Japan (FSAJ) has granted the license to a new crypto exchange in Japan earlier this month and I share below some interesting insights about it. 1. Coinage became the 21st licensed crypto exchange in Japan. It took them almost three years! https://coinage.co.jp/ 2. They already burnt 2,000,000,000 yen (about $20M). Paid-up Capital 30,000,000 yen ($30M). They have 1,000,000,000 yen left. ($10M). 3. They have about 50 staff. Biggest cost in compliance. Others are engineering and customer support. 4. They have just started accepting new customers and trading pair is BTC-JPY only. 5. Coinage parent company is one of the leading FX/Security trading company, https://www.moneypartners.co.jp/ Their annual revenue is appx. $50M with 100+ staff. They have 350,000 existing accounts and plan to offer BTC trading option to all its existing FX customers. 6. According to CEO, it costs about $30M to start a crypto exchange in Japan and cover the first year cost. For comparison, it would cost about $2M to set up an new FX trading business. $4M to set up new security brokerage business and $30M to set up online bank in Japan.