Monex Group CEO Thinks Crypto Exchanges Need More Strict Regulations

Oki Matsumoto Thinks A Closer Crypto Exchange Oversight Makes Sense

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  • Oki Matsumoto believes crypto exchanges should be strictly regulated.
  • He stated that crypto exchanges are close to a bank.

Japan: The Monex Group CEO, Oki Matsumoto, stated during an interview published on Friday 20th April, that he believes cryptocurrency exchanges in Japan should be given a stricter regulation.

Matsumoto thinks Japan’s crypto exchanges, including the one Monex Group, is making plans to acquire, should be more strictly regulated. He said:

“Japan’s exchanges do both matching and custodial services – they’re close to a bank. To someone in the financial industry like myself, it’s common sense that regulations will get stricter.”

The Monex Group CEO had been busy for some months now, with speculations arising since the beginning of April that Monex, the third largest online brokerage in Japan, has plans to buy Coincheck, the Japanese crypto exchange that lost almost $530 million worth of NEM tokens though cyber attack in January.

The acquisition plan was confirmed by Monex Group on April 6, when it announced that it would purchase 100% of Coincheck and replace its incumbent CEO, Koichiro Wada, with a senior executive officer of Monex Group, Toshihiko Katsuya. A report had it that same day that Monex was considering an Initial Public Offering (IPO) of Coincheck shares, a first for a Japan’s crypto exchange.

This actions by the Monex Group CEO may be borne out of competition, resulting from the news that Yahoo! Japan has invested an amount ranging between $18.6 million to $27 million in BitArg, another cryptocurrency exchange in Japan.

Are you in line with Matsumotos believe that cryptocurrency exchanges in Japan should be given a stricter regulation? Tell us in the comment box below.

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