Japanese fintech company Money Forward Inc. to launch crypto exchange this year

23 May, 2018
by Joeri Cant
News
Japanese fintech company Money Forward Inc. to launch crypto exchange this year

In a company press release, Money Forward Inc., the operator of one of Japan’s most popular personal budgeting apps, revealed its plans to launch a crypto exchange this year.

By the Summer of 2018, Money Forward Inc. plans to first launch a crypto media platform, then followed by a crypto asset exchange and the construction of a digital assets remittance and settlement system, which, according to the press release, the MF Laboratory has been researching since December 2017.

The Tokyo-based company reported to have 5.5 mln users, with over 500,000 Japanese businesses and 2,400 accounting firms using its cloud-based software for their tax accounting and invoices.

They also announced improved tools for its customers who currently use cryptocurrencies, providing them with an automated crypto accounts book that can be supported with data from twenty domestic and foreign crypto exchanges. The new tools will as well simplify their users’ crypto tax return filings, by giving them an automated profit and loss calculation tool for their transaction histories.

Major Japanese financial institutions are increasingly making efforts to facilitate the country’s booming cryptocurrency sector.

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