One of the key companies of the Mitsubishi Group - financial and holding giant Mitsubishi UFJ Financial Group (MUFG) announced the preparation of a new service for Bitcoin owners
The new service will have to protect the savings of Bitcoin owners on the exchanges they use from losses and failures. He will be a pioneer in the field of trust services in the world of cryptocurrencies. Mitsubishi UFJ Trust offers service users to keep their assets separately from crypto exchange funds in trust management. This service seems to be very useful, since in the event of a hack, software failure or incorrect operation, as well as a possible error by the exchange operator, MUFG guarantees the safety of Bitcoin to its owner.
Traders will need to submit an application for the service during trading, thereby allowing Mitsubishi UFJ Trust to monitor changes in their accounts. The trust will also monitor pending transactions and monitor suspicious activity.
To avoid undesirable situations with operators, the trust will prepare reports on the customer's transactions, but no protection against price changes is provided.
The launch of the trust bank is scheduled for April 2018, after the Japanese financial regulator (FSA) promulgates rules and recommendations for placing cryptocurrencies under trust management, if it deems it correct and legal.
According to altcoin.info
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