With FSA regulatory overhaul completed, Japanese corporations are moving fast towards adopting cryptocurrency platforms. Six public companies have announced plans to launch crypto exchanges on the Tokyo Stock Exchange, or Tosho.
The firms, entering cryptocurrency markets for the first time, range from a securities brokerage firm to nursing care and personal care providers.
They include Money Forward Inc, a budget managing app with 5.5 mln users; Drecom Co. Ltd, mobile entertainment content firm; Yamane Medical Corporation, providing personal care and nursing for elderly; Adways Inc ad agencies and networks; Avex Inc Japanese entertainment giant and the Daiwa Securities Group security brokerage firm.
Nearly 3.5 mln Japanese traders will now be able to trade Bitcoin [BTC], Ethereum [ETH], Ripple [XRP] and Litecoin [LTC] on the exchanges.
Japan, one of the early adopters of cryptocurrencies, already has 16 licensed exchanges in operation and eight more are under-review by Japan’s Financial Service Authority (FSA).
The public companies will join SBI Group, Yahoo! Japan and Line Corp who have already launched crypto exchanges.