This week, a number of companies listed on the Tokyo Stock Exchange revealed their plans to enter the crypto exchange business. They include one of the most popular budget-managing app operators, an entertainment conglomerate, one of the largest music labels, and a medical corporation.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Money Forward
Budget-managing app operator Money Forward Inc (TYO: 3994) made two crypto-related announcements this week. Launched in 2012, the company “has grown rapidly to become one of the hottest financial technology startups, with its namesake application now boasting 5.5 million users,” the Japan Times described.
The company announced on Wednesday the establishment of a wholly-owned subsidiary, Money Forward Financial Co. Ltd., adding:
Money Forward Financial Co., Ltd. (‘MF Financial’) will start media related to blockchains and virtual currencies from the summer of 2018 and aim to establish a virtual currency exchange office within 2018.
Money Forward “is known as a pioneer in developing a digital kakeibo (household bookkeeping) app, where users can keep track of financial accounts for banking, credit card, e-wallet and point services,” the news outlet added, noting that “The company’s free app for the Android platform has won the best finance app award on Google Play for three consecutive years since 2013.”
Another announcement made on the same day is the plan to partner with 20 crypto exchanges in Japan and overseas to provide accounting solutions for crypto traders. Citing that it is already cooperating with Bitflyer, Coincheck, and Zaif crypto exchanges, the company says it is now in the process of collaborating with Btcbox, Bitbank, Quoine, and Fisco.
Drecom
The amendments state that the company plans to enter the “virtual currency exchange” business, particularly the “Planning, operation and management of exchanges relating to virtual currencies.” Furthermore, the company plans to offer cryptocurrency settlement services.
Yamane Medical Corporation
Local media reported on Friday that the company is planning to submit partial amendments to its Articles of Incorporation to add a number of crypto-related businesses. According to Minkabu Press, “system provision and consultation related to virtual currency” will be added as well as a “virtual currency exchange business.”
Adways
Adways Inc (TYO: 2489) is a Tokyo-based global mobile app marketing company whose main business includes an ad agency, an ad network and a third party tracking tool.
This law went into effect in Japan in April last year which legalized cryptocurrencies as a means of payment in the country and requires all crypto exchanges to register with the country’s Financial Services Agency (FSA).
Avex
On Thursday, Avex published amendments to its Articles of Incorporation to add “virtual currency exchange” as a new business venture. The amendments will be presented at the company’s next meeting of shareholders.
Daiwa Securities Group
There will be times when major companies have to enter to improve the environment.
Japan currently has 16 fully licensed crypto exchanges. Another eight exchanges’ applications are being reviewed by the FSA. Furthermore, the agency revealed recently that about 100 more companies are interested in entering the space.
Do you think more public companies should launch crypto exchanges? Let us know in the comments section below.
Images courtesy of Shutterstock, Money Forward, Daiwa, Drecom, Yaname, Adways, and Avex.
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The post Six Japanese Public Companies Plan to Launch Crypto Exchanges appeared first on Bitcoin News.
Source: Bitcoin.com