- Monex wants to prop up its business with digital assets offering.
- Japanese regulator may introduce new requirements for cryptocurrency exchanges.
Japanese online brokerage Monex Group considers adding digital assets to the range of tradable instruments available for retail customers. The company aims to launch the cryptocurrency offer in collaboration with the recently acquired cryptocurrency exchange Coincheck, which obtained the license from the Japanese financial watchdog in January.
“We’ve fallen a little behind — we can’t deny that. If we keep doing things the way we have, we may not be able to close the gap,” Yuko Seimei, Monex Securities Inc.’s new president said in an interview.
Seimei referred to Monex closes rivals like SBI Holdings, and Rakuten that increased their market share.
Despite a series of large hack attacks, Japan is still one of the most lucrative cryptocurrency trading markets. While FSA has tightened its approach, but it is still willing to accommodate the industry.
Monex purchased Coincheck last year, after the cryptocurrency exchange lost over $500 million of digital assets due to a severe hack attack in January 2018. Monex helped the company to obtain the license from the Financial Services Agency and now aims to capitalize on its investments.
In a separate development, the FSA may require trading platforms for digital assets to strengthen the oversight of the so-called “cold wallets”, Reuters reports, citing knowledgeable sources.
The move reflects the regulatory concerns about the security of virtual currencies and the risks for the financial segment as a whole.
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