Thursday, April 25, 2019

Japanese Financial App To Launch Its Own Crypto Exchange

Money Forward, a Japan-based public company, has recently announced its decision to launch their own cryptocurrency exchange which targets to support three well-known cryptocurrencies, according to the report.

Japan is one of the most advanced country when it comes to technology. With this, most of their citizens depend on social media and gadget applications; garnering their interest in crypto and blockchain technology. As a matter of fact, even the most in-demand personal budgeting application in the country called ‘Money Forward’ announced today that they will enter the crypto limelight and have their very own crypto exchange.

Money Forwards Crypto

Under the company of Money Forward Financial Inc. — that was established on 2012 — is the application of Money Forward. The use of the application is to “automatically aggregate statements of bank accounts, credit cards, securities accounts, fx accounts, pensions/points and compiles a household accounting book,” according to their website. With the company’s claimed 7 million users, it holds a major impact in the finances of most Japanese citizens.

According to the report, Money Forward will be opening their services to three initial cryptocurrencies including Bitcoin, Ethereum and Bitcoin Cash. Although they did not yet released the official name of their crypto exchange, the launch will offer live order books and trading charts that are available for their users. Also, users will be experiencing more convenience as the crypto exchange claims to “linked to our personal financial management service called Money Forward Me,” Money Forward said.

With their new services, Money Forward looks forward for more interested and intrigued users to be able to use cryptos on their daily basis, especially in Japan wherein cryptocurrencies had been the talk of the town since the beginning.

We Still Have A Problem

Although Money Forward aims to fulfill the needs of Japan in crypto exchanges with their app, the decision still relies on the country’s Financial Services Agency (FSA).

“We would hopefully like to start the [exchange] business between January and March 2019, though it depends on the FSA’s [registration] procedure,” said Junichi Kanda, the president of Money Forward Financial.

However, as also expressed by him previously, Kanda was disappointed by FSA due to its strict implementation when it comes to registering their exchange. Especially that back then, the FSA was a ‘relatively light’ process by most businesses but nowadays, its difficult and time-consuming.

According to FSA’s report, the number of crypto-related businesses that pursues to registered on their bureau was becoming insanely high and it now resulted to 160 companies over the year.

If this is the case for every country, then we do not have a problem in the crypto system.





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