17 Jan BREAKING: Japan’s Largest Bank Set To Open Crypto Exchange Despite Bear Market
The fourth largest bank in the world, Mitsubishi UFJ Financial Group, Inc (NYSE:MTU), just made major headlines as it announced that it plans to launch its own cryptocurrency exchange this year.
According to the report, MUFG has already taken the steps to notify the Financial Services Agency (JFSA) in Japan on its decision to move forward with launching its own exchange. This major Japanese bank has also been in the press for working on issuing its own cryptocurrency. The plan as it seems is by being able to control the cryptocurrency exchange where people can trade the company’s cryptocurrency, the bank could somewhat control the dramatic fluctuations in its price. It seems that MUFG hopes the currency will be used by individuals for everyday use.
The new cryptocurrency is set to be placed around JP¥1 but not entirely fixed, in hopes to bypass the regulations surrounding issuing and transmitting “private” money in Japan.
Cryptocurrency Segregated Accounts, The Future In Banking?
Another big project the bank is working on is revolved around keeping clients holdings in accounts that are linked to exchanges which lack the ability for money to be sent to them with their full control. This is similar to how separate accounts are used to protect forex traders, which safeguards a traders funds just in case the trading platform is hacked or goes completely bankrupt.
MUFJ Trust will offer services that monitor these accounts for suspicious activity and potential fraud, which would first be flagged and checked before actually being processed. The bank anticipates these accounts to be available to its customers April 2018 but will first only be available for Bitcoin. These new segregated accounts will cost a fee but its users should gain some piece of mind that a trust bank is managing its assets.
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