According to the CEO of Monex, Japan’s crypto sector has a lot of promise because of the country’s lax rules.
According to a Jan. 16 report by Bloomberg News, investment advisory company Monex Group indicated interest in purchasing FTX Japan, the Japanese division of the insolvent exchange FTX. Less competition in the local market would be a “really beneficial thing” for the company, Monex CEO Oki Matsumoto told Bloomberg. In general, we are naturally intrigued, Matsumoto stated.
Matsumoto said that given Japan’s lax rules, businesses may employ nonfungible tokens for marketing campaigns or invest in digital assets, which bodes well for the Japanese crypto industry.
As a result, the CEO of Monex wants to make his business one of the top choices for local clients. In an attempt to diversify, Monex also purchased Coincheck Inc., the exchange that was targeted by hackers in 2018. It bought the business to expand its offering of securities and foreign currency services. In July 2022, Monex also acquired all of ChatBook Ltd.
Funds Withdrawals On FTX Japan Made Possible To Its Customers
FTX Japan, formerly known as Liquid, provided services for spot and derivative trading. The sale of FTX’s European and Japanese businesses while the company is still through bankruptcy proceedings was previously permitted by a US judge.
At the end of September, FTX Japan had cash and deposits of 17.8 billion yen ($13.88 million) and net assets of around 10 billion yen ($78 million). Next month, the business is anticipated to let consumers to withdraw money.
