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Money Forward seize plans for Japanese crypto exchange

Money forward inc drops plan for crypto exchange

Money forward Inc previously announced to make advancements in the sector of virtual currency by launching a crypto media platform and developing digital assets remittance and settlement system. It is the renowned personal budgeting apps in Japan. However, this plan has been stopped and therefore would not be materialized.

Concerns of the Company to Halt Plans to Launch Crypto Exchange: Media report revealed that the entrepreneurs of the company have decided to postpone this plan and also to cancel the procedure for registration and further advancements in this sector.

The company has taken this decision on the grounds of rationality as the cases of hacks and money laundering in virtual currencies are increasing and therefore the whole virtual currency market is in loss and the company is speculating that this project will not produce any profit in the near future.

The cost of security granted to the customer would be much higher than the profit. The research in the sector of blockchain technology will not be hindered and the possible arrangements would be made to flourish this segment of the firm. However, the previous project of providing services on media platform Onbit will end by May 2019.

Services Provided by Japan Virtual Currency Exchange Association (JVCEA) To the Companies

Money forward Inc is in a process of securing its membership with Japan Virtual Currency Exchange Association (JVCEA).

This membership will enable the company to acquire a license from the Financial Service Association (FSA) and to attain self-regulatory status and also ensuring the quality investors protection standards.

JVCEA another member is in the progress of launching a licensed crypto exchange.

Taha Farooqui

Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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