Mitsubishi UFJ Trust launch a service to protect crypto holders

Japan based Nikkei Asian Review, online publication reports, Japanese Mitsubishi UFJ Trust and Banking is now providing a service that protects crypto holders. In case, the exchanges they use shuts down or being hacked.

The giant bank will be holding records from cryptocurrency exchanges of customers who opt-in for the scheme. If at all the there is the failure of exchange or compromised, Mitsubishi UFJ will reimburse its clients for their losses.

Further, Nikkie reportedly said that the service could launch in April and commence with Bitcoin trading. However, crypto holders who wants to protect their fund under Mitsubishi UFJ will charge a fee for the service.

Also Read: Japan’s DMM unveils details of upcoming cryptocurrency exchange

Noriyuki Hirosue, CEO of Bitbank, Tokyo based exchange asserts that additional fee may be an easy price to pay for those who prefer to trust traditional financial institutions:

“customers will feel peace of mind knowing that a trust bank is managing their assets”.

Moreover, the Japanese cryptocurrency investors are more alert to the risks of using crypto exchanges- Mt.GOX. The Japanese cryptocurrency exchange was close down in when 850,000 customer’s bitcoins were opt by hackers

Remarkably, the Japan is popular for being leader in cryptocurrency investment and regulation. According to Nikkeiv Asian, the Japan’s Financial Services Agency is ready to distinguish cryptocurrencies as assets by April 2018.

Read Next: Major Japanese auto dealer starts to accept Bitcoin payments
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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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