Asia One reported, Digital Currency Exchange Of Japan, BitTrade is purchased by a multi millionaire businessman for S$67 million (approximately $50 million).
Mr. Eric Cheng will acquire a 100% stake in BitTrade Co., Ltd, one of just 16 local digital currency exchanges to get a permit from Japan’s financial firm, the Financial Services Agency (FSA). Cheng is likewise getting hold of BitTrade’s associate organisation, FX Trade Financial Co. Ltd, one of Japan’s major forex trading firm.
According to the report of Asia One, the investment that he made, makes Cheng the primary foreign investor to have a 100% stake in a FSA authorised trading firm. Cheng stated:
“The cryptocurrency industry is growing exponentially. Against this backdrop, the key to capturing the rising demand is having a well-regulated and licensed outfit. With this Japanese FSA-licensed platform, I will work closely with the regulators to scale this platform globally.”
The teams of management of the two stages will allegedly work together to extensively scale and extend services of trading on the platforms, fortify cybersecurity measures and create more international user friendly interfaces.
Earlier, Bitrade had stated there is no strategy to change the essential business system under the new proprietorship and that services will continue to be provided.
Two of the prominent digital currency exchange scams, $532 million Coincheck hack which took place in January this year and the fall of Tokyo based Mt. Gox, have set off an undeniably strict regulatory atmosphere for digital currency in Japan. Prior this month, The FSA permit held by BitTrade as of now set forth strict rules with the financial firm presenting further prerequisites for digital currency.
For exchanges of Japan, a self regulatory body was assembled in April to give support to local operators, some of whom have clasped under the raising pressure from the FSA. However, the nation proceeds to indicate high digital currency adoption levels. Recently, a major Japanese fintech organisation reported it would release a digital currency asset exchange before this year ends.
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