Japanese Giant GMO Enters Cryptocurrency Exchange and Trading Business

The increased utilization of cryptocurrencies like Bitcoin and Ethereum lead to the conglomerate's launch of GMO Wallet.

GMO Internet, Inc. (TSE: 9449) revealed today that it has decided to participate in the cryptocurrency exchange and trading business and established GMO Wallet Co. Ltd. on October 11, 2016. Headquartered in Tokyo, the conglomerate is one of the biggest players in Japan’s IT infrastructure, e-commerce, and payment processing businesses and also operates a giant online financial trading subsidiary, GMO Click Securities Co. Ltd.

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Explaining the background to this decision, GMO details how in recent years cryptocurrencies, including Bitcoin and Ethereum, are increasingly utilized in a variety of transactions such as international remittance and settlements. It also notes that the Japanese government is currently revising how to change the regulation in the field. Specifically, that the Ministry of Finance and the Financial Services Agency are considering the elimination of the consumption tax on cryptocurrency transactions by the spring of 2017, and if this is happens, the further spread of cryptocurrency in Japan is expected.

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The group says that GMO Wallet will provide a safe and secure trading environment by making full use of the know-how that it has cultivated in the internet securities business and IT security business, and will also promote collaboration with group companies and offer reasonable and convenient services. GMO is also preparing to open an internet bank as a new venture in the financial domain which might eventually be connected to this new service.

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