Headquartered in Tokyo, the conglomerate is one of the biggest players in Japan’s IT infrastructure, ecommerce, and payment processing businesses and operates an online financial trading subsidiary, GMO Click Securities, according to Finance Magnates.
GMO has decided to enter cryptocurrency exchange and trading business due to increased usage of cryptocurrencies, including Bitcoin and Ethereum, in a variety of transactions such as international remittance and settlements. It also notes that the Japanese government is currently revising how to change the regulation in the field. Specifically, that the Ministry of Finance and the Financial Services Agency are considering the elimination of the consumption tax on cryptocurrency transactions by the spring of 2017, and if this happens, the further spread of cryptocurrency in Japan is expected, the online publication continues.
Furthermore, the group says that GMO Wallet will provide a safe and secure trading environment by making full use of the know-how that it has cultivated in the internet securities business and IT security business. The company is also preparing to open an internet bank as a new venture in the financial domain, which might eventually be connected, to this new service.
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