After banning Japanese citizens from trading operations on its platform over “regulation” issues, cryptocurrency exchange HitBTC said it plans to reopen trading in Japan via a “registered entity,” Cointelegraph Japan reported June 4.

“The company has been having a conversation with the regulator and decided to suspend its operations for Japanese residents to comply with the current regulation,” the post reads.

“Last year, HitBTC team started working with an internationally-recognized Japanese law firm, the cooperation aimed to get HitBTC through the local subsidiary setup and licensing procedure to resume its services for Japan residents,” the publishment continues, adding it was also operating with unnamed “authorities and regulatory bodies from various regions worldwide” over the issue.

Japan has sought to formalize its cryptocurrency exchange market in recent months following the 530 mln theft on coincheck platform. Japanese financial services giant SBI Group launched its first exchange this week, while the list of competitors includes Yahoo! and the largest US exchange Coinbase.

HitBTC meanwhile plans to launch its subsidiary operations in Q3 this year.