Japanese internet giant GMO to launch cryptocurrency wallet service

Announcements | January 23, 2017 By:

GMO Internet Inc. has announced that it is entering in the cryptocurrency exchange and trading business with the launch of GMO Wallet Co., Ltd.

Explaining the background to this decision, GMO details how in recent years cryptocurrencies, including Bitcoin and Ethereum, are increasingly utilized in a variety of transactions such as international remittance and settlements. It also notes that the Japanese government is currently revising how to change the regulation in the field. Specifically, that the Ministry of Finance and the Financial Services Agency are considering the elimination of the consumption tax on cryptocurrency transactions by the spring of 2017, and if this is happens, the further spread of cryptocurrency in Japan is expected.

“GMO Wallet will provide a safe and secure digital currency trading environment by making full use of the know-how that the GMO Internet Group has cultivated in the Internet securities business and security business, and will also promote collaboration with group companies,” said GMO Internet.

Headquartered in Tokyo, GMO Internet Inc. is one of the biggest players in Japan’s IT infrastructure, e-commerce, and payment processing businesses and also operates a giant online financial trading subsidiary, GMO Click Securities Co. Ltd.