The hacked Japanese cryptocurrency exchange Coincheck plans to expand into the US

The hacked Japanese cryptocurrency exchange Coincheck plans to expand into the US

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Monex Inc, the company that recently became the owner of the Japanese crypto exchange, Coincheck, which underwent a major hacking in January this year, plans to enter the US market. This is written by Bloomberg.

CEO Monex Oki Matsumoto said that he expects to get a license of Japanese authorities for Coincheck within the next month and go beyond the Asian market.

“It may seem that Japan is one step ahead of the cryptocurrency issue, but when it comes to classifying securities and attracting institutional investors, the US and Europe are ahead,” he said.

As an example of the legal imperfection of a country that has recognized bitcoin as the legal means of payment as far back as 2016, Matsumoto mentioned high taxes on transactions with critical loans that can reach 55%, comparing them with the recent initiative of the French government, which proposed to significantly reduce the fees from such transactions.

“At the level of Japan, it’s hard to even think about including cryptocurrency in the portfolio. This means that they will remain a toy in the hands of speculators,” he added.

According to Matsumoto, it is the US regulators that currently play a key role in determining the vector of the industry’s development of the сryptocurrency. When they make a final decision as to whether cryptocurrencies can be considered a security, the market will acquire the long-awaited clarity and certainty, and with them – the potential for further growth and attracting institutional investors, he added.

The Coincheck exchange was bought by one of the largest Japanese online brokers Monex in April this year. Subsequently, shares Monex experienced a 98% rise, notes Bloomberg.

Recently published Monex data showed that, despite the forced compensation of losses of its users, who lost more than $500 million at the beginning of the year, Coincheck was able to finish the 2017 financial year with a positive balance.

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