Monex’s Head: Crypto Regulation in Japan to be Tightened
April 20, 2018
CEO at online-broker Monex that finished acquisition of Coincheck crypto exchange recently believes, regulation of the industry must be toughened and resemble that of the banking one as exchanges and banks have much in common.
Acquiring Coincheck by Monex was officially completed on Monday with trade value of $33.6 mln. Oki Matsumoto, the head of Monex, says, tightening of crypto regulation is inevitable as exchanges execute the same functions as banks: they store clients' funds and help finding parties for a deal.
“To someone in the financial industry like myself, it’s common sense that regulations will get stricter”, Matsumoto claimed.
There are 32 crypto exchanges working in Japan. Although their boards are obliged to store the clients’ funds separately this is not the case sometimes. It is getting even stricter when it comes to online brokers as the funds are kept at third parties like banks.
Note that the market has welcomed the decision taken by Monex: the company’s shares have risen by 66% since the broker officially announced to purchase Coincheck. Remember that earlier last week Yahoo! Japan declared having acquired a stake at BitARG Exchange Tokyo.