Japan's largest bank opens crypto exchanger

Japan's largest financial institution, Mitsubishi UFJ Financial Group, plans to open a crypto exchange aimed at retail investors. The Japanese newspaper Mainichi Shimbun and the national public publication KBS of South Korea reported that MUFG is preparing a team of developers to create a local cryptocurrency market.

According to CCN, in September 2017, the Japanese government, together with the Financial Services Agency (FSA), published a program for regulating cryptocurrencies. At that time, 11 crypto exchangers received permission to conduct such activities and received the status of a regulated financial services provider. Since then, the government has reviewed 17 more crypto exchanges, and over the past three months, most of them have been approved. Two months ago, CCN also reported that Shinhan Bank - South Korea's second-largest commercial bank - had begun developing and testing cryptocurrency wallets and vaults to strengthen security measures for existing cryptocurrency users.

According to an article in the Mainichi Shimbun, MUFG is also considering launching a token that would be priced 1:1 at the price of the Japanese yen. Essentially, MUFG will manage the Japanese Yen reserve and produce an equivalent amount of MUFG token. This token will serve as a kind of cryptocurrency asset, protecting traders from market volatility. During periods of high volatility, traders can simply transfer funds into a new token issued by the bank and prevent their assets from being affected by price changes. Conceptually, this token is similar to USDT or Tether, which hedges the value of the token at the price of the US dollar.

The exact launch date of the crypto exchange is still unknown; the Japanese company has not provided any information other than what is available in the Japanese media. The entry of the country's largest bank into the cryptocurrency exchange market could have a positive impact on the Japanese economy.

According to https://www.ccn.com