The Japanese Money Forward Inc. company decided to halt all plans on launching the crypto asset exchange. The company is the operator of one of the most popular budgeting apps in Japan. The new developments reached our latest cryptocurrency news today.
According to reports, Money Forward founded a specialized subsidiary back in May 2018 for the new crypto exchange. The company intended to launch a crypto platform for media and a crypto exchange. The goal was also to create a settlement system and to construct a digital asset remittance system.
Following the announcement today, the board of directors at Money Forward decided to cancel the launch procedure. They decided to cancel the registration process and to postpone any further developments of the exchange business.
Cointelegraph Japan wrote that the board of directors decided to halt the project due to the first quarter losses for the fiscal year 2019 in November saying:
“The virtual currency market has cooled rapidly and the downside risk of profitability has been increased by continuing the business.”
In addition, the board members of Money Forward explained that the costs of creating a robust consumer protection system are growing rapidly. There was also a debate surrounding crypto hacks and the risks of money laundering and funding terrorism.
Aside from canceling the crypto exchange launch, the board ruled that all of the service provisions of Money Forward for the crypto media platform Onbit will end at the end of May. In the meantime, the blockchain development will continue.
Money forward’s subsidiary has obtained membership with the Japan Virtual Currency Exchange Association (JVCEA) at the start of this year. The membership is designed for all the businesses seeking for a crypto exchange operating license from the country’s financial regulator.
As previously reported in our altcoin news, the JVCEA is a self-regulatory association created back in 2018. It was designed to ensure the protection standards for investors. The JVCEA member FXCoin has recently received an investment from the Japanese giant SBI Holdings aiming to launch a crypto exchange as well.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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