The Major Bank in Japan to Launch Own Crypto Exchange and Coin

The Major Bank in Japan to Launch Own Crypto Exchange and Coin

Not likewise in South Korea or China, cryptocurrency trading is a bandwagon in Japan. Recently the country’s major bank Mitsubishi UFJ Financial Group Inc announced its scheme to establish a new crypto exchange for bitcoin and altcoins fans.

Considerable Plans: Exchange To Support Own Digital Coin

This year Japan’s leading bank MUFG is going to open its own cyber money exchange. The bank has already informed the country’s Financial Services body about this plan. However, it is not a sign of MUFG stepping into the market of virtual currencies. Before, it started to work on the emission of its own digital coin.

Media outlets emphasized that the bank wants to establish the exchange for particular purposes. For example, it could support its brand MUFG currency, as people will trade it on the platform. Therefore, it will be easier to protect the coin from price swings, and people will use it for arrangements, purchasing goods from stores and steady transactions.


The fourth major bank in Japan also schemes to keep the cyber coin tied to about JP¥1. However, it won’t be fastened in advanced. Hence, it will allow the company to evade restrictions emitting and transferring this kind of proprietary money in the state.

Another appealing bank’s idea is to use the crypto-coin in trading pairs on non-public currency exchanges instead of USTD, supported by the major bank in Japan instead of Tether.

Upcoming Service For Crypto Traders

The launch of its own exchange is last but not the least MUFG’s bit plan. Allegedly, the bank is also working towards the service for cyber money traders in the country. The project is called MUFJ Trust, and it will store customer’s assets in accounts which can be connected with the platforms, albeit, it won’t send the funds to their control.

This blueprint will protect customer’s capital from hacker attacks effects or bank’s crash consequences. By the way, it resembles segregated accounts, which are applied to safeguard Forex vendors. Moreover, the new option will check for leery performance as well as for strange operations on accounts. Thus, they won’t be processed but investigated.

This service is anticipated to be implemented in mid-spring 2018. However, at first, it will be applicable only for BTC. That will happen once Japan’s Finance Services Agency admits that bitcoin is an asset and holds it in trust. If this happens, that will be the first trust arrangement of cyber money.

Influence of Recent Cryptocurrency Boom: Does It Still Hurt?
Crypto Exchange Gate.io Agrees With Reports Showing 51% Attack On Ethereum Classic Bitcoin is a decentralized digital currency (also known as...
Cryptocurrency Exchange Security Levels
The growing interest in cryptocurrencies has led to the emergence of a wide selection of both digital money and the sites where you can exchange one...
Belarusbank Considers Setting Up Crypto Exchange
Last year March Belarus introduced a decree by which it legalized cryptos and some activities related to them. This made Belarus a frontrunner in the...
Nasdaq CEO Believes Cryptos Have Place in Future in Economy
Almost two months ago Nasdaq’s representative Joseph Christinat confirmed the rumours that in 2019 the American stock exchange might launch BTC...
Report: Leaders of South Korean Crypto Exchange Komid Face Jail After Fraud
This week the Asian crypto-market has been rich in the news. Earlier it was reported that Japan finally approved Coincheck’s official status as cyber...
Crypto-Expert Brian Kelly Says 2019 Will Bring No Approval to BTC ETF
For the past year, various ETF-projects have been failing to receive the green light from American regulators. And despite the bullish ambitions of...
Ethereum Classic 51% Attacker Reportedly Returned $100,000 to Exchange
Cyber money exchange Gate.io has informed the general public about the return of previously stolen $100,000 worth Ethereum Classic units. According...
Approved Coincheck & Scrutiny on DLT: Japan and China Move in Different Directions
Asian countries seem to go in different directions when it comes to the regulation of cryptos and blockchain. Two Asian tigers — Japan and China...
Tokenized Shares of Apple, Tesla and Netflix to be on Crypto-Exchange
A new trading platform will soon be launched by an Estonian regulated exchange DX.Exchange. The company will mock the mechanisms that the American...
Samsung Wants to Get UK Cyber-Money Wallet Trademark
Samsung seems to be leaping on a virtual money bandwagon as it has applied for the crypto-wallet trademark in the UK. The act follows the rumours...