The EBC Foundation promotes listing EBCoin in Japan. Revealed plans to establish their own exchange KRPEX Exchange
The EBC Foundation, which issues EBCoin the Singapore cryptocurrency, announced they would promote the establishment of a cryptocurrency exchange in Japan.
The KRPEX, a cryptocurrency exchange that was originally planned to launch in South Korea. As institutional problems in South Korea occurred, they made a decision to open the exchange in Japan . The EBC Foundation will work with their Japanese partner, Integro Welfare, in order to set up their own exchange and promote listing EBCoin on the Japanese exchange.
Unlike South Korea, where the position on cryptocurrency related institutionalization is still unclear, Japan has been providing clear guidelines for the establishment of a cryptocurrency exchange since last year and has been operating and promoting it within the system. In Japan, where the number of Bitcoin trading volume is the world’s largest, cryptocurrency transactions are brisk and the Japanese government revised the law in April last year, approved cryptocurrency as a payment method equivalent to the common currency like yen or dollar.
In order to operate a cryptocurrency exchange in Japan, it must be approved by the Financial Services Agency through preliminary examination and registration in accordance with the Act on Funds Payment, and the taxation standard for cryptocurrency must be clearly established. As a result, BitFlyer, BitBank, and other 14 cryptocurrency exchanges are actively operating.
Integro Welfare, a Japanese partner of the EBC Foundation will support the establishment of their own exchange in Japan and the listing EBCoin on the Japanese exchange. Currently, they are negotiating bitFlyer for listing EBCoin, which is Japan’s largest cryptocurrency exchanges with a million users. Except for bitFlyer, They are in conference with several cryptocurrency exchanges, such as GMO and Zaif.
Jason J. Kim, the CEO of EBC Foundation, said, “Japan will lead the cryptocurrency market around the world as the industry leader. We affirm that listing EBCoin in the Japanese market will determine the market position of EBCoin as a major cryptocurrency.” Although it would be difficult to get approval from the Financial Services Agency for the establishment of an exchange and listing new coins, we will surely accomplish our goals.
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