Mitsubishi UFJ Financial Group (MUFG) plans to launch its own crypto exchange, coin, backed by the national currency and the service of separate bitcoins-accounts for clients of other sites. This is reported by Mainichi.
According to the publication, MUFG has already submitted a relevant application to the Japanese Financial Services Agency (FSA). The launch of the exchange is planned in this fiscal year.
Also, the bank is going to issue its own MUFG Coin, which initially will be backed up by the Japanese yen and tied to it in a one-to-one ratio, but subsequently the coin rate may change. According to bankers, this approach will help to smooth out the sharp price jumps, so customers will be more willing to use it for everyday purchases and other calculations.
In addition, the bank is working on its own service for crypto-currency traders called MUFG Trust, which will allow trading without the need to transfer their funds under the control of exchanges. This should protect customers' money in case of hacking or bankruptcy of sites. The service will also monitor and flag suspicious activity on the account.
At first, MUFG Trust service will be available only for bitcoins. The launch is scheduled for April 2018 or as soon as the FSA recognizes bitcoin as an asset that is allowed to be placed under trust management. In addition, for the use of MUFG Trust services, traders will be charged a commission, however, "customers will be calm knowing that their assets are under the control of the trust," added the executive director of the Bitbank Tokyo Stock Exchange, Noriyuki Hirosue.