Authorities across the world are either opening their doors to crypto or shutting them. Exchanges want to keep up with this fast-paced ecosystem and seek out favorable nations and markets. Japan is a known haven for crypto and Tokyo exchange BitFlyer has recently obtained approval to operate in Europe.
Japanese e-commerce and entertainment giant DMM Group has launched its crypto exchange, supporting 7 cryptocurrencies and 14 trading pairs. The group is also preparing to launch another crypto exchange in the Spring aimed at inexperienced investors.
Japan’s Mitsubishi UFJ Trust and Banking is preparing to launch a service that will protect cryptocurrency holders if the exchanges they use shut down or are hacked, reports Japan-based online publication Nikkei Asian Review.
The banking giant will keep matching records from cryptocurrency exchanges of customers who opt-in for the scheme. In the event the exchange fails or is compromised, Mitsubishi UFJ will compensate its clients for their losses according to the records they maintain.
Nikkei reports that the service will start with Bitcoin trading and could launch as early as April. Crypto exchange users who opt-in to have their funds protected by the Mitsubishi UFJ will be charged a fee for the service.
However, as CEO of Tokyo-based exchange Bitbank Noriyuki Hirosue asserts, the extra fee may be an easy price to pay for those who prefer to trust traditional financial institutions: