Japan’s GMO Internet to launch GMO Wallet for digital currencies

Tokyo-headquartered, GMO Internet Group, a leading internet company offering infrastructure connectivity, online media, FX and securities trading services, and mobile app development launched GMO Wallet Co,. Ltd this week, a company which will focus on providing wallet services for cryptocurrencies. The company was officially established on October 11th, 2016, but went public with the news earlier this week.

GMO Wallet will provide a safe and secure virtual currency trading environment by making full use of the know-how that the GMO Internet Group has cultivated in the internet trading and security business.

The company stated that in recent years, virtual currency, including bitcoin and ethereum are increasingly utilized in a variety of transactions such as international remittance and settlement payments for individuals and companies, the market is predicted to scale and reach 1 trillion yen in a few years.

The company stated a big reason for launching this service includes the Japanese government configuring new digital asset laws starting back in May 2016. The new proposed laws of virtual currency exchanges are to be overseen by the Japan Financial Services Agency through a properly regulated registration system and thus further growth of virtual currency is expected in Japan.

GMO Internet Group wants to be well situated when the new proposed Japanese regulations on digital currencies come into effect. As it stands now, the regulations will look to include the elimination of consumption tax on cryptocurrency transactions thus bitcoin and other cryptocurrencies will be treated as money, which GMO Internet views as a positive development for its GMO Wallet business.

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