Japanese E-Commerce Giant Rakuten Completes Registration Of Crypto Exchange Rakuten Wallet

Announcements, News | March 27, 2019 By:

Japanese e-commerce giant Rakuten has completed registration of its crypto exchange Rakuten Wallet with the Kanto Local Finance Bureau of Japan’s Ministry of Finance.

In August 2018, Rakuten acquired Japanese crypto exchange Everybody’s Bitcoin for 265 million yen ($2.4M USD), and changed its trading name to Rakuten Wallet earlier this month. Rakuten Wallet is part of the company’s new payments subsidiary, Rakuten Payment, which previously acted as a base for the company’s loyalty program.

In a press release, the company said that Rakuten Wallet has been approved as a “virtual currency exchange service provider” based on the Payment Services Act and will launch next month. According to the e-commerce giant, Rakuten Wallet received a business improvement order from the Kanto Local Finance Bureau on April 25, 2018. In response, Rakuten Wallet has officially restructured its management system, including formulating a business improvement plan and strengthening its business management and internal control systems.

“Rakuten Wallet will contribute to the sound growth of the market as a virtual currency exchange company, and will further enhance security and provide enhanced services so that more customers can use it safely and with confidence,” Rakuten said.

Meanwhile, TaoTao, the crypto exchange which is 40 percent owned by a local subsidiary of Yahoo! Japan, also announced that will begin operations in May with the approval of Japanese authorities. It will initially trade bitcoin (BTC) and ethereum (ETH), with margin positions available in three additional cryptocurrencies: Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP).