Cryptocurrencies remain incredibly popular in Japan. This is mainly because the country legalized Bitcoin and similar payment methods as legal forms of money. As such, companies in this region are working on offering cryptocurrency services. More specifically, Money Forward wants to set up a trading platform in the near future.
It is always interesting to see more competition among cryptocurrency exchanges. More platforms give users more options and a competitive infrastructure to benefit from. Japan is home to many different trading platforms already, but there’s still plenty of room for growth. Money Forward is planning to make its mark on this industry moving forward.
A Smart Move by Money Forward
More specifically, the company is currently developing its platform. Money Forward is increasingly popular in Japan as of right now. It allows users to manage financial portfolios in a streamlined manner. Adding cryptocurrency functionality seems to make a lot of sense. However, few people expected the company to launch an actual trading platform in the process.
It appears Money Forward has been looking into this matter for some time now. The original plan was devised back in 2017. Given the Japanese FSA’s stance on such trading platforms, the company will need to obtain an official license. It is unclear if the firm has taken the necessary steps in this regard.
Considering how Money Forward supports 5 million people, this new venture can make a big impact. There is also a booming cryptocurrency ecosystem in the country as of right now. A lot of competitors are making their mark on this industry right now. MUFG is also looking to get involved in cryptocurrency, albeit through its own native currency
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