Mitsubishi UFJ Financial Group Launches Cryptocurrency Exchange
While several banks around the world have made public stances against the cryptocurrency market, a Japanese bank has decided to launch its own cryptocurrency exchange. The bank, Mitsubishi UFJ Financial Group, is said to be launching such an exchange for institutional and retail investors.
Mitsubishi UFJ is the largest bank and financial institution in Japan. The new cryptocurrency exchange will be focused at institutional and retail investors.
The news was first reported by a Japanese media outlet, Mainichi Shimbun, as well as KBS, a major news outlet. The local media reports claimed that the cryptocurrency exchange launch is just a plan for the moment.
Local media reported that Mitsubishi UFJ Financial Group is working to launch its own cryptocurrency exchange
The media reports said that the financial institution has created a team of developers with the main purpose of creating a cryptocurrency exchange targeted for the local market. Japan has been a good country for the cryptocurrency market, although like many other countries around the world, it has talked about regulating the market.
In fact, last year, Japanese authorities have made a step to regulate the cryptocurrency market. Authorities have introduced a national licensing program to regulate cryptocurrency exchanges in a similar form to financial institutions.
Cryptocurrency exchanges had to apply for operating licenses, and initially a total of 11 exchanges got the license. Later, several other cryptocurrency exchanges also managed to get their license.
Japanese media reported that for the next period of time, Mitsubishi UFJ Financial Group will be focusing on getting the needed resources and talent to develop this exchange. Of course, the next step will be filing for a request with authorities to get the needed license for the exchange to operate.
When it comes to the plans of Mitsubishi UFJ Financial Group, local media also said that the financial institution will most likely launch a crypto-token that hedges the token's value to the value of the yen. The token would be important as a crypto-asset aimed at protecting traders against the high volatility of the cryptocurrency market.