Since bitcoin trade is becoming the new mainstream in Japan, leading financial companies are beginning to offer services in this area in order to maintain their position in the market. MUFG, the largest bank in Japan, is currently planning to launch its own crypto-exchange, and support crypto-currency and bitcoin-segregated accounts of customers of other exchanges.
Mitsubishi UFJ Financial Group, Inc., the fourth-largest bank in the world, plans to launch crypto-credit this year and, according to reports, MUFG has already notified the Financial Services Agency of Japan (JFSA) about the decision to start operations.
It is known that the bank is working on issuing its own crypto currency.The plan, as it is now known, is that customers, along with other crypto-currencies, can also trade in the domestic currency of MUFG. As expected, the bank will be able to suppress sharp fluctuations in the price of its own currency so that it can be used for purchases, settlements and remittances at a more stable rate. The idea is that the new crypto currency will be maintained around the price of 1 yen.
It should be noted that while MUFG is only considering the possibility of issuing its coin for the purpose of making stable transactions in Japan, after the crypto currency is on the global market, it is likely that traders will find other uses for it. One interesting thing is that the bank's own currency will be used in trading pairs on informal exchanges instead of USTD.
Bitcoin Segregated Accounts
It is reported that the bank is also working on another service for Japanese crypto-currency traders, MUFJ Trust - will support client holdings in accounts that can communicate with exchanges, without transferring money under the control of MUFJ .
Just as individual accounts are used to protect forex traders, it can protect client funds in the bank in case of breaking or bankruptcy of the trading company. The service will also monitor accounts to identify suspicious activity and unusual transactions that may be subject to verification.
It is assumed that the service, which will be available only for trade with bitcoin, will begin operations in April 2018. Events may occur earlier, if the Japanese regulator JFSA recognizes bitcoin as an asset that can be placed in trust.
This will be the first agreement in the history of trust management of crypto currency, as indicated in the patent application of the bank MUFJ .