Rakuten Acquires Crypto Exchange to Fast-Track Into the Japanese Market

Japanese mega e-commerce and internet company Rakuten Inc. is entering the crypto space. Instead of submitting a new application to the country’s financial regulator, Rakuten is acquiring an existing crypto exchange to fast-track into the Japanese crypto market.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

The e-commerce giant wrote:

Furthermore, the company revealed that a growing number of its FX and securities customers “have been calling for the provision of a cryptocurrency exchange service.”

In April last year, the revised Payment Services Act went into effect in Japan, legalizing cryptocurrency as a means of payment and requiring all crypto exchanges in the country to register with the Financial Services Agency (FSA).

Rakuten described:

On April 25, Everybody’s Bitcoin received a business improvement order from the Kanto Local Finance Bureau. “Everybody’s Bitcoin is working to implement improvements in the items outlined in the business improvement order,” Rakuten detailed.

Coincheck was acquired by Monex Group after the hack. Lastroots just had more investments from SBI Group, which also has its own crypto subsidiary, SBI Virtual Currencies, and offers a crypto trading service called Vctrade.

According to Friday’s announcement:

According to the e-commerce giant, Everybody’s Bitcoin “decided to expand the business under the Rakuten Group to maximize synergies…in order to further promote its cryptocurrency business.”

What do you think of Rakuten fast-tracking into the Japanese crypto market? Let us know in the comments section below.

Images courtesy of Shutterstock, Rakuten Inc, Everybody’s Bitcoin, Coincheck, and Lastroots.

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source: https://news.bitcoin.com/rakuten-acquires-crypto-exchange-japanese-market/