Japan’s Money Forward Prepares To Launch Crypto Exchange
More and more companies are trying to surf in the notoriety of Bitcoin and the other cryptos assets, so it comes as no surprise that another powerful company is now trying to open a new exchange. Money Forward, a Japanese public company which operates a personal budget app with 7 million users, is the next one in line to open a crypto exchange.
The company, which owned subsidiary of the Tokyo Stock Exchange, has announced to the media the details of its next project via an interview with news.Bitcoin.com. According to the reports, the company will initially support only three tokens: Bitcoin (BTC), Ethereum (ETH) and Bitcoin Cash (BCH).
This new initiative will use live order books and trading charts to operate and it will also offer the services of margin trading but they will not be offered at launch just yet. The name that the exchange will officially have was also not disclosed at the announcement nor at the talks with the crypto media.
According to the reports, the new exchange will be linked to the Money Forward Me service that the company already has and will be usable by the 7 million users of the company. Information like bank accounts, credit cards, fx accounts, pension points, household accounting books and securities accounts will be shared between the platform.
The original company was established in 2012 and it currently boasts a total of nine subsidiaries and seven offices across the whole country. It is based in Tokyo and offers many products despite its main apps, all of them focused on financial services and solutions. The company is listed at the Tokyo Stock Exchange since September 2017.
Money Forward has also shown some genuine interest in covering money transfers and some other payment services using cryptocurrencies in the future but the company is taking its plan one step at the time.
The Payment Services Act of Japan requires that all cryptocurrency exchanges in the country should be regulated by the FSA and registered. At the moment, 16 crypto operators have been approved and many failed, so the company is focusing on this now.
The president of Money Forward, Junichi Kanda, has affirmed that it was a relatively easy process to register with the Financial Services Authority (FSA) but that the hack of Coincheck has made everything worse as the regulator has considerably tightened its grip on how it oversees the market and the exchanges.
Despite the hard stance of the FSA, Kanda expects his exchange to be able to register itself to act in the country soon and that they will be able to launch their product at the end of March 2019. They intend to begin as soon as possible but they need the FSA to approve them first.