FISCO to set up a bitcoin exchange in Japan

Investing | March 23, 2016 By:

FISCO announced it is planning to set up a new company – Fisco Coin Co., Ltd – a company that will operate exchanges for bitcoin and other cryptocurrencies.

Fisco Coin will initially manage the bitcoin exchange and intend sales of its trading system. The company also plans to develop and manage financial derivative instruments and offer B2B services such as bond issue and B2C services such as crowd funding, all involving virtual currencies. It aims to position itself as the hub of virtual currencies that provides one-stop-service.

In its press release the company points out the reason for the move is the government plans to accept the cryptocurrencies as legal currencies. This would mean they could be more tightly controlled and taxed and their exchanges regulated. The amendments, proposed by Finance Minister Taro Aso would classify Bitcoin as a currency, would also allow banks and securities firms to invest and trade in the virtual currency.

FISCO is a Japanese provider of real-time financial information for corporate and individual investors.