Monex Executive Wants to Keep Cryptocurrency’s Future Within Japan
Oki Matsumoto Wants To Keep Financial Future Of Cryptocurrencies Within Japan
Monex broke into the crypto industry fast by acquiring Coincheck, which recently was threated by a hack. Their hope is that the companies that can use various technologies would essentially develop the center of the entire financial industry, ensuring secure transactions for every entity. Monex itself came from Oki Matsumoto, who wanted to use the company as a place for clients to invest in a savings for themselves.
Matsumoto has kept Monex active and thriving for almost two decades now, and his success has led him to the conclusion that both blockchain and cryptocurrency could catapult Monex into the future. In a statement last month, Matsumoto said, “We believe we can create a new type of global cyberspace-comprehensive financial service company for global retail customers.”
Despite the troubles that Coincheck has faced this year, amounting to ¥58 billion worth of NEM ($530 million), Monex had no trouble paying the ¥3.6 billion ($33.5 million) price tag on it. Matsumoto believes that the cost was a little high, since they were not able to retain the users that the platform formerly had, which was likely based on the hacking. However, the addition of cryptocurrency helped them to create a combined audience of 1.7 million. Plus, the user-friendly database may help to bring in younger customers that want to take on these kinds of investments, rather than the traditional options of the stock market.
Since Coincheck is already partnered with Monex, Matsumoto believes that the next phase would be to establish a financial organization that has the understanding and technology to handle crypto as well. With blockchain technology supporting the functions of Monex now, Matsumoto says that the only way to keep up with the potential progress is for other companies and organizations to focus on adoption. He said, “People’s mindsets are always changing, so however we change, customers, environments, technologies and societies, they are moving as well.”
Even though the cryptocurrency market is not exactly in its heyday at the moment, Matsumoto remains encouraged. He believes that “in the near future, a less volatile or nonvolatile crypto will be invented that will be more suitable for payment.”
The big issue in the Japanese financial industry is their tax system, which could easily penalize any investor that makes a certain amount of profit. In fact, they will be qualified as “miscellaneous income,” invoking a 55% tax rate. However, Monex has played a major role in the way that the citizens have been able to invest through the years, which leads Matsumoto to believe that there are many opportunities still available.
Japan has managed to make many strides with their financial industry recently, with one of those changes making them the first country to establish regulations for crypto exchange within it. They want to encourage, rather than stifle, technological advancements, but their first obligation is to protect the consumers that they open this door for. However, the $530 million Coincheck theft caused the country to strengthen its defenses, leading some experts to examine the management of other exchanges. Unfortunately, there were many that did not pass the test, and were forced into a temporary suspension.
“We have no intention to curb (the crypto industry) excessively,” Toshihide Endo, commissioner of the FSA, said. “We would like to see it grow under appropriate regulation.”