The President of Mitsubishi UFJ Securities, the securities and investment banking arm of Japanese financial giant Mitsubishi UFJ Group, has suggested that his company could begin offering cryptocurrency-related products.
The president, Saburo Araki, told media outlet Sankei Biz that there is a demand for cryptocurrency-related services, but also expressed a note of caution as the country’s regulator, the Financial Services Agency (FSA), continues to crack down on Japan’s exchanges, demanding they shore up security and do more to combat money laundering.
Araki said he considered cryptocurrencies to be an “interesting” investment option and added that “many customers would be interested” in potential Mitsubishi UFJ Securities cryptocurrency-based investment products.
Sankei Biz also quotes Araki as saying, “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.”
Bank of Tokyo-Mitsubishi UFJ, the Mitsubishi UFJ Group’s banking unit, has already launched a pilot for its own digital fiat, MUFC Coin – with plans for a blockchain pay platform also in the pipelines.
Earlier this year, the group began using its overseas subsidies to test international blockchain-powered payment transfer systems between banks in Thailand and Singapore.
Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!
Author: Tim Alper
Image Credit: iStock/winhorse