MITSUBISHI UFG WILL PROTECT BITCOINS OF ITS CUSTOMERS FROM EXCHANGE HOUSE FAILURES
The Mitsubishi UFJ Trust and Banking Group (MUFG) is working to offer its clients an innovative way to manage their cryptoactives, separating cryptocurrencies that they wish to save from those assets destined to exchange houses investment through a trust.
The MUFG's new proposal would have a guarantee for users because the company would keep track of the figures their customers enter the exchange houses. In the event that this exchange house is compromised in any way that affects the users' funds, registration will allow Mitsubishi to guarantee the security of the funds invested by its clients.
This guarantee will only apply in cases where the selected currency exchange is irretrievably compromised, and will not protect beneficiaries from risks such as price fluctuations in the cryptocurrency market, no matter how drastic they may be.
When used, investors can choose when and how many of their assets they wish to move, while the Mitsubishi Trust will carefully review transactions that appear suspicious - in cases such as buying or selling large amounts of Bitcoin from specific accounts - to minimize money laundering of illegal operations.
The service will only be available for exchanges with bitcoin at an early stage, although they hope to expand it to other cryptocurrencies in the future. MUFG is expected to begin operations in April 2018, once the Japanese Financial Services Agency recognizes cryptocurrencies as an asset subject to trusts.
This would be Japan's first "trust arrangement" of cryptocurrencies. And if successful, it could spread to other territories outside the land of the rising sun, as well as to other cryptoactives consolidated in the market.
MUFG, as one of the world's leading financial groups, is looking for new innovations and instruments to please its customers, especially in the FinTech field. The Tokyo-Mitsubishi Bank is also recognized as the largest bank in Japan and the leading company of the Mitsubishi Group. In April of this year, it became the first Japanese bank to be part of the global Ripple group, betting on maintaining payment services beyond the borders of the Asian country.
A couple of months ago during a conference of the Japanese Bankers' Association, the bank's CEO explained that the cryptocurrencies offered a great advantage because they provide many insights into the financial behavior of users.
"We may capture all kinds of financial behavior that cannot be collected on data during cash transactions."
Nobuyuki Hirano
CEO, Mitsubishi UFJ Finnancial Group
In addition, among its own employees, the bank is conducting a cryptocurrency issue test through MUFG's subsidiary Kabu. com, which awards employees tokens called "OOIRI" in exchange for maintaining good physical health. This is equivalent to the value of the Yen and is accepted in some local shops.
By the year 2021 they expect to be able to launch a fully functional payment platform based on cryptocurrencies that will allow any commercial transaction, including payments with cryptocurrencies through a credit card.
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