Major Japanese Fintech Firm Halts Plans to Launch Crypto Exchange, Citing Bear Market
Marie Huillett's original article for cointelegraph.com reduced by 41%
Money Forward Inc., the operator of one of Japan's most popular personal budgeting apps, has resolved to halt its plans to launch a crypto asset exchange. As previously reported, Money Forward had established a dedicated subsidiary in May 2018 for its crypto exchange project. It had intended to launch a crypto media platform, followed by a crypto exchange and the construction of a digital assets remittance and settlement system.
Today's announcement reveals that the company's board of directors has opted to cancel the procedure of applying for official registration for the exchange and to postpone development of its planned crypto exchange business. Aside from halting planned crypto exchange development, the board also ruled that the service provisions of Money Forward's crypto media platform Onbit will end on May 31. As previously reported, the JVCEA is a self-regulatory crypto exchange association that formed in March 2018 in order to help establish industry-wide investor protection standards.
FXCoin, which is run by a Deutsche Bank veteran, reportedly aims to launch a licensed crypto exchange.
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