According to Nikkei News on 4th of April, Cryptocurrency booming without any specific basis in Japan seems to be going to disappear and many sober Japanese including FSA (Financial Service Agency) hope that a more sophisticated market to Cryptocurrency would be established by more selected and larger companies.
The outline of the article is as below.
『FSA is going to issue orders of administrative sanctions to a several Cryptocurrency vendors within this week and some vendors will withdraw from the market by themselves. Companies whose problems have become sloppy are forced to leave the market, and the Cryptocurrency enters the next stage of seeking for the next growth centering on IT and major securities firms.』
The Japan Payment Act to regulate Cryptocurrency is rather complicated.
The Act arranges “Transitional Measures” to Cryptocurrency trading (sell and buy) companies which would apply for the registration as “A Certified Company” under the Act.
Then, currently there are 2 kinds of companies in the market in Japan, one is a group of “real certified companies” and the other is a group of “deemed operators under the Act”.
CoinCheck KK is grouped in “deemed operators”.
Now, they are proceeding cashback procedures to customers who damaged at the accident of Stolen NEM in January, but also they have been seeking for a sponsored company in order to keep business in the market.
Yesterday, updated news came out on restructuring at CoinCheck KK.
Manex Inc., which is a pioneer as a new entrant to the securities exchange market, is now seriously considering to buy CoinCheck KK.
The article says that ” Manex Inc. buys CoinCheck KK to save time to enter Fintech Business. However, this deal might be high risk and high return.”