Japan’s Money Forward Announces Details of Upcoming Cryptocurrency Exchange

Japanese public company Money Forward, operator of a personal budgeting app with 7 million users, is preparing to launch a crypto exchange. Three cryptocurrencies will be supported. A representative of the company has shared some details with news.Bitcoin.com about the platform and the company’s future crypto projects.

New Crypto Exchange

The new crypto exchange will be “linked to our personal financial management service called Money Forward Me,” the representative added. This flagship product has 7 million users, according to its website. The company describes this app as one that “automatically aggregates statements of bank accounts, credit cards, securities accounts, fx accounts, pensions/points and compiles a household accounting book.”

Established in May 2012, Money Forward Inc. has nine subsidiaries and seven offices across Japan. The Tokyo-headquartered company offers a wide range of products including an automatic savings app and a financial services portal for individuals as well as accounting, tax return, invoicing, payroll, and information management systems for businesses. Its shares have been listed on the Tokyo Stock Exchange since September last year.

In terms of future cryptocurrency projects, the representative said, “In future years, we would like to cover money transfer and payment services.””

Registering With FSA

During a press conference on Monday, the president of Money Forward Financial, Junichi Kanda, talked about the challenges of registering a crypto exchange business with the Financial Services Agency (FSA).

Noting that his company has been in consultation with the FSA, Kanda said that he expects his exchange to be able to register and launch by the end of March next year. In addition, Money Forward Financial announced on Monday that Yokane Hidero, a former FSA inspector, has been appointed as head of the company’s internal control department.

The Money Forward representative confirmed to news.Bitcoin.com:

Japan’s revised Payment Services Act requires that all crypto exchange operators register with the FSA. Currently, 16 operators have been granted registration and three, including Coincheck, have been allowed to operate exchanges while their applications are being reviewed by the agency. The FSA previously revealed that more than 160 companies have expressed interest in registering to operate crypto exchanges.