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Japanese banking giant wants to protect users of cryptocurrency

Japanese Mitsubishi UFJ Trust and Banking is preparing to launch a service that will protect the holders of cryptocurrency if the exchanges that they use are closed or hacked, the Japanese online edition of the Nikkei Asian Review reports.

28.Dec.17 10:31 AM
By Daria Zaytseva


Japanese banking giant wants to protect users of cryptocurrency

The banking giant will compare records with cryptocurrency exchanges of customers that will refuse the scheme. In the event that the exchange fails or is compromised, Mitsubishi UFJ compensates its customers for losses in accordance with the records that they store.

Nikkei reports that the service will begin with Bitcoin trading and could launch in April. Crypto exchange users who are eligible to receive their funds protected by Mitsubishi UFJ will charge a fee for the service.

However, according to the general director of the Tokyo stock exchange Bitbank Noriyuki Hirosue, an additional the extra fee can be an easy price for those who prefer to trust traditional financial institutions.

Japanese investors with cryptocurrency may be particularly sensitive to the risks of using crypto exchanges - the large Japanese cryptocurrency exchange Mt. Gox sadly closed in 2014 after hackers stole 850,000 of bitcoins from their customers.

Japan is known as the world leader in the field of investment and regulation of cryptocurrencies. Nikkei reports that Japan's Financial Services Agency intends to recognize cryptocurrencies as assets that could be transferred to trust by April 2018.

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