Mitsubishi UFJ To Enter Crypto Market Amidst FSA Crackdown

MUFJ-Crypto-Market

Saburo Araki, Mitsubishi UFJ Group President recently affirmed his group’s intentions to become a dominating force in the crypto market, hinting that they are already planning to offer cryptocurrency-related products.

FSA Crackdown

The only thing that’s feeding his misgivings, however, is the tightening policy of Japan’s Financial Services Agency (FSA) toward crypto exchanges in the country. Last month, the FSA ordered six crypto exchanges, namely Bitflyer, Bitpoint Japan, Btcbox, Bitbank, Quoine, and Tech Bureau, to improve their businesses.

Later, it was revealed that the orders were for the aforementioned crypto exchanges to:

  1. Establish a system to comply with anti-money laundering (AML) and terrorism financing-related matters;
  2. Improve customer protection.
  3. Begin creating a risk management network to deal with new tokens and cryptocurrencies.

Araki admits:

“A few incidents have occurred while companies have been building up the cryptocurrency infrastructure. The FSA is now building up a monitoring framework to protect against [money laundering and security breaches. I think [moving into the cryptocurrency industry] will be possible in the future if the framework is improved and the business outlook is positive.”

Regardless, Araki remains interested in cryptocurrencies as an investment option, adding that “many [of their customers] would be interested” in the cryptocurrency-based investment products that they are planning to offer.

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