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The Japanese public company Money Forward, manager of a personal budgeting app with 7 million users, is preparing to launch a cryptographic exchange. Three cryptocurrencies will be supported. A representative of the company has shared some details with news.Bitcoin.com on the platform and future cryptographic projects of the company.
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New Crypto Exchange
<img class = "size-medium wp-image-255829 alignright” title=”Money in Japan announces the imminent exchange of cryptocurrencies” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/money-forward-logo-300×72.png” alt=”Money in Japan announces the impending exchange of cryptocurrencies "width =" 300 "height =" 72 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/money-forward-logo- 300×72.png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/money-forward-logo.png 483w "sizes =" (maximum width: 300px) 100vw, 300px”/>Money Forward Financial Inc., a wholly owned subsidiary of Money Forward Inc. listed on the Tokyo Stock Exchange (TYO: 3994), announced some details of its upcoming cryptocurrency exchange.
<img class = "size-medium wp-image-255834 alignright” title=”Money in Japan announces the imminent exchange of cryptocurrencies” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/btc-300×252.png” alt=”Money in Japan announces the imminent exchange of cryptocurrencies "width =" 300 "height =" 252 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/btc-300×252 .png 300w, https: //news.bitcoin.com/wp-content/uploads/2018/12/btc.png 371w "sizes =" (maximum width: 300px) 100vw, 300px”/>A representative of the company has confirmed to news.Bitcoin.com that the exchange will initially support three cryptocurrencies: BTC, ETH and BCH. There will be live order records and trading charts, but margin trading will not be offered at launch. Furthermore, the name of the exchange has not yet been disclosed.
The new cryptographic exchange will be "linked to our personal financial management service called Money Forward Me", added the representative. This flagship product has 7 million users, according to its website. The company describes this app as "automatically aggregating bank statements, credit cards, securities accounts, FB accounts, pensions / points and compiling a family accounting book".
Founded in May 2012, Money Forward Inc. has nine branches and seven offices throughout Japan. The Tokyo-based company offers a wide range of products, including an automatic savings app and a portal of financial services for individuals, as well as accounting systems, tax return, billing, payroll and information management for companies. Its shares are listed on the Tokyo Stock Exchange since September last year.
In terms of future cryptocurrency projects, the representative said: "In future years we would like to cover the money transfer and payment services".
Registration with FSA
During a Monday press conference, Money Forward Financial president Junichi Kanda spoke about the challenges of registering a cryptocurrency with the Financial Services Agency (FSA).
<img class = "size-medium wp-image-255846 alignright” title=”Money in Japan announces the imminent exchange of cryptocurrencies” src=”https://news.bitcoin.com/wp-content/uploads/2018/12/fsa-bldg-300×172.png” alt=”Money in Japan announces the impending exchange of cryptocurrencies "width =" 300 "height =" 172 "srcset =" https://news.bitcoin.com/wp-content/uploads/2018/12/fsa-bldg-300×172. png 300w, https://news.bitcoin.com/wp-content/uploads/2018/12/fsa-bldg.png 501w "sizes =" (maximum width: 300px) 100vw, 300px”/>In the beginning, registration with the FSA is a "relatively light" process, described Kanda. However, after the Coincheck attack in January, the regulator strengthened the supervision and evaluation of cryptographic exchanges and no company has been registered since.
Noting that his company was in consultation with the FSA, Kanda said he expects his stock exchange to be able to register and launch it by the end of March next year. In addition, Money Forward Financial announced Monday that Yamane Hidero, a former FSA inspector, has been appointed head of the company's internal control department.
The representative of Money Forward confirmed the news.Bitcoin.com:
We hope he wants to start the [exchange] business between January and March 2019, although it depends on the FSA [registration] procedure.
The Payment Services Act amended by Japan requires all encrypted exchange operators to register with the FSA. Currently, 16 operators have been registered and three, including Coincheck, have been allowed to manage the exchanges while their applications have been reviewed by the agency. The FSA previously revealed that more than 160 companies have expressed an interest in registering to operate cryptographic exchanges.
What do you think of Money Forward launching a cryptocurrency exchange? Let us know in the comments section below.
Images courtesy of Shutterstock, Itmedia and Money Forward Inc.
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