Investing.com - Japan is home to a large number of cryptocurrency exchanges and dozens more are looking to enter the business.There are already 32 exchanges in operation, but another 100 companies have reportedly applied for a government license. That's a crowded market in what's already a very competitive global business. Japan may be second in trading volume to the U.S., but none of its exchanges rank among the global top ten, according to the website CryptoCoinsCharts.The top 10, which is led by Bitfinex of Hong Kong and includes a handful of big U.S. firms, already dominate global trading.Of the 190 exchanges tracked by CryptoCoinsCharts, only about 40 had daily trading volume of more than $1 million. The batch of companies applying for regulatory approval in Japan is said to include major banks, brokerages and foreign exchange firms.They'll no doubt need their experience in the capital markets, deep pockets and and a healthy dose of perseverance to be among the survivors of a crowded field.