GMO-Z.com Coin to start offering virtual currency exchange services from May 24, 2017

Maria Nikolova

New Japanese regulations for virtual currencies like bitcoin have been amid the factors justifying the business rationale for the launch.

GMO-Z.com Coin (formerly known as GMO Wallet), a part of GMO Internet Inc. (TYO:9449), will start offering virtual currency FX services from May 24, 2017. In an announcement, GMO said it starts accepting applications for account opening from today, May 9th.

The rising trading volume of bitcoin and the new Japanese regulations for the virtual currencies (including favourable tax treatment) are amid the factors justifying the business rationale for the launch of the service.

GMO – Z.com Coin Co., Ltd. was established in October 2016 to develop virtual currency exchange and trading business. In November 2016, GMO started conducting tests for virtual currency trading services and since then the company has been preparing for full-scale operations.

This is not the first time that an online services giant such as GMO pushes into the virtual currencies market. For instance, in February 2016, GMO Internet sealed a business partnership with Tech Bureau to develop back-end engine for games based on Tech Bureau’s private blockchain technology.

Blockchain seems to be the the centre of attention for many companies in Japan (and across the globe) now. In the end of November 2016, Tokyo Stock Exchange, Inc. (TSE) announced that TSE, Osaka Exchange, Inc. (OSE) and Japan Securities Clearing Corporation (JSCC) were establishing a consortium of Japanese financial institutions to keep conducting proof of concept (PoC) testing and explore the possibility of applying blockchain or distributed ledger technology (DLT) to capital market infrastructure both from technical and operational perspectives.

JPX formed an internal research group in 2015 to study the applicability of DLT to capital market infrastructure. The research showed that DLT has the potential to transform the capital market structure.

GMO-Z.com Coin is set to harness the experience in the online services business of its parent GMO Internet, as well as the Forex trading know-how of GMO Click Securities.

Read this next

Industry News

HKEX partners with Saudi exchange for cross listings, ESG, Fintech

“The Kingdom of Saudi Arabia, and the broader Middle Eastern region, are one of the world’s most dynamic and exciting economic and innovation hubs and also home to some of the fastest growing investor groups in the world. Hong Kong and HKEX’s markets offer significant opportunities for international investors and corporates, including unrivalled connectivity to the Mainland Chinese markets through our unique Connect programmes. This agreement signals the beginning of even greater collaboration between our companies and our home markets, and we look forward to exploring many future areas of cooperation.”

Executive Moves

CMC Markets Connect relocates APAC team led by Peter Foster to Singapore

“Singapore is a vibrant city and is now undoubtedly seen as Asia’s leading financial hub. The decision to bolster the CMC Markets Connect team here will help us cement the company’s position as a leading provider of multi asset liquidity and comprehensive trading solutions across the region.”

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

<