Japanese Retailer To Launch Rakuten Wallet
The Financial Services Agency of Japan (FSA) has granted Rakuten, the country's largest e-commerce company, a license to launch a crypto exchange called Rakuten Wallet, as follows from the firm's website.
The FSA representatives stated that the new platform was registered at the financial bureau as a provider of services for the exchange of digital assets in accordance with the country's laws.
The Rakuten Wallet crypto exchange is a branch of Rakuten, and it will replace the trading platform Everybody's Bitcoin, which was acquired by the retailer for $2.4 million in August 2018. The rebranding was conducted in early March 2019, the old service will cease to function, and the users will be able to open accounts on Rakuten Wallet in April.
The Everybody's Bitcoin crypto exchange was launched in 2017. The Japanese retailer, as instructed by the financial bureau, restructured the exchange management system and modernized its operation to obtain a license for a new trading platform.
The operation of Rakuten Wallet will contribute to the further development of the crypto market, increase its security, and new improved services will become available for users, the company representatives stated.
At the same time, the FSA granted a license to another crypto exchange, DeCurret, CoinDesk reports. In mid-April, it will organize spot trading in four cryptocurrencies. Such companies as MUFG Bank, Nomura Holdings, and others own the exchange shares.
As previously reported, the Japanese lawmakers have adopted an amendment which provides that exchanges will be forced to limit the size of leverage for marginal crypto trading.