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Japanese domain registrar postpones bitcoin exchange launch

GMO Internet, Japanese conglomerate and the biggest domain registrar in the country, will launch its own cryptocurrency exchange on 31 May.

The exchange platform will operate under the name of GMO-Z Coin. The company GMO-Z.com Coin Co., Ltd. was established as GVO Wallet Co. Ltd. in October 2016. Initially GMO intended to only launch services of cryptocurrency wallets, but later, due to the new bitcoin regulation in Japan, it changed its mind and announced a new exchange launch. The exchange will offer BTC\JPY trading. In the short term other cryptocurrencies should also be added to the trading list.

On 9 May, GMO claimed it would launch the exchange by 24 of May, but now it has postponed the launch by a week.

"We will provide customers with a stable trading environment and judge whether it is necessary to conduct additional service verification and system adjustment for the platform to be used with confidence. The start date of the service has been postponed to May 31, 2017. We deeply apologize for the inconvenience caused to customers who have already applied and are waiting for our service to open," GMO said in a statement.

One of the features of the new exchange will be the implementation of the "Chinese scheme" a zero-commission model. The GMO exchange will use 0 yen fees for all orders. The exchange will operate 24/7, the minimum trading volume starts from 0.001 BTC, News Bitcoins reports. The security system will use multi-signature wallets and cold storage. The exchange will be insured by one of Japan's largest companies in this sector, Mitsui Sumitomo Kaika Kaisha Insurance.

Starting from April, Japan has recognised Bitcoin as a legal method of payment and as a kind of prepaid payment instrument. Now, cryptocurrency exchanges are required to be registered in the National Financial Services Agency and to receive a special license. They need to provide a three-year business plan, meet the requirements related to countering money laundering. They also have to conduct external audits and to reserve capital of at least 10 million yen. GMO-Z.com Coin announced it has 500 million yen in capital reserves.

Currently, bitFlyer is the largest Japanese bitcoin exchange. According to Bitcoinity, it accounts for approximately 8% of world bitcoin trading.

Source: coinfox.info

  • May 31, 2017 9:13 AM MSK
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