On August 19, Rakuten Wallet, which is a consolidated subsidiary of Rakuten Group – Japan’s EC mall and Internet business giant and operator of a cryptocurrency exchange business – launched spot trading services for cryptocurrencies using a smartphone application.
The application lets customers conduct transactions with cryptocurrency trading accounts. These include depositing and withdrawing Japanese yen and depositing and withdrawing cryptocurrencies, 24 hours a day, 365 days a year. The application also features many useful functions that allow customers to effectively manage their cryptocurrencies, such as confirming assets deposited in Rakuten Wallet and real-time chart rates.
Three types of cryptocurrency can be traded: Bitcoin, Ethereum, and Bitcoin Cash. There are no fees for opening or managing an account, purchasing or selling cryptocurrencies, or depositing money. As part of security measures, customers’ assets are managed with cold wallets (wallets that store cryptocurrencies without being connected to the Internet) and two-step authentication has been adopted to prevent unauthorized use.
Since last year, leading companies have expanded into cryptocurrency exchanges in Japan, where leading online financial and Internet service providers have acquired existing cryptocurrency exchanges and turned them into subsidiaries. Rakuten Wallet launched a cryptocurrency exchange before the company started to provide services using the smartphone application. Cryptocurrency exchanges will be included within the scope of the Financial Action Task Force (FATF)’s inspection in Japan scheduled for October 28 through November 15. The inspection could divide cryptocurrency exchanges into those that can meet regulatory requirements and those that cannot.
*This article was written by FISCO.