Money Forward, a publicly traded Japanese company has announced that it will be launching a Cryptocurrency exchange in the country next year. The firm has said that initially, the exchange will support three coins. Financial Services Agency (FSA), the agency in charge of regulating the virtual currency sector in Japan has not yet granted any Crypto trading platform a license.
Money Forward To Get Into The Crypto Space
Money Forward Financial Inc. will be launching a Cryptocurrency exchange in Japan between January and March next year. The company has released a few details about the project. The name of the exchange has yet been disclosed. According to the company’s representatives, the exchange will first support BCH, ETH, and BTC. Although margin trade will not be offered on the platform, the users will be able to use live order books.
Money Forward Financial Inc. is a subsidiary of Money Forward Inc. (TYO: 3994), which is listed on the Tokyo Stock Exchange. Money Forward Me is a personal financial management service by this company. According to its website, this product has around 7 million users. The company’s representatives have said that the exchange will be linked to this service.
About Money Forward
Money Forward Inc. was established in 2012. The Tokyo-headquartered firm now has nine subsidiaries and seven offices in the country. Some of the products provided by this firm include financial services portal and automatic savings app. The users also have access to payroll, invoicing, return, accounting, and information management system. The company was listed on the country’s stock exchange last year.
The company has faced various challenges during the registration process according to its president, Junichi Kanda. In a press conference, the senior executive revealed that it has been a challenge in dealing with the Financial Services Agency (FSA). He added that in the beginning, the process was “relatively light.” However, after hacking cases emerged at the start of this year, the regulator tightened the evaluation of Cryptocurrency exchanges. Since then, the agency has not awarded any company a license.
Kanda also revealed that his company has been in close talks with FSA. He added that he is optimistic that they will get a trading license and launch their exchange before the end of March 2019. During the press, Yamane Hidero, the FSA inspector, was announced as the company’s internal control department head.
Cryptocurrency Regulation In Japan
Japan has one of the most Crypto friendly policies in the world. Recently, the country revised Payment Services Act which introduced a clause requiring the Cryptocurrency exchanges to register with FSA. So far, the agency has registered 16 operators. Three other exchanges have been allowed to operate while awaiting the final decision from the regulator.
Japan has emerged as an important Cryptocurrency hub. Many Crypto and blockchain-based country have already moved to the country. The nation has one of the largest Cryptocurrency markets in the world. The government has been working around the clock to put in place regulations that will protect the interest of the investors while at the same time supporting the young industry.