Veteran Japanese cryptocurrency exchange Btcbox has announced that it will be establishing a subsidiary to target the Hong Kong bitcoin markets. The subsidiary, MBK Asia Limited, will operate in partnership with Japanese investment bank, MBK CO. Ltd.
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Btcbox Has Been Operating Since 2014, Making It One of the Oldest Bitcoin Exchanges in Japan
Japanese bitcoin exchange Btcbox will be establishing a Hong Kong bitcoin exchange subsidiary in partnership with investment bank MBK Co. Ltd. The proposed subsidiary, MBK Asia Limited, this week announced that it has filed for registration as an incorporation within Hong Kong.
Btcbox has been operating since 2014, making it one of the oldest bitcoin exchanges in Japan. Since 2016 the company has increasingly geared its operations toward altcoin trading. Despite its longevity, Btcbox has struggled to capture a significant share of the Japanese cryptocurrency markets, posting the first profitable single month in the company’s entire history this May.
Japanese investment bank MBK has already reaped benefits from its pending entry into Hong Kong’s cryptocurrency markets. The recent liberalization of Japan’s regulatory stance toward bitcoin and dramatic rise in price seen by many cryptocurrencies have inspired sharp gains in the share price of Japanese businesses with exposure to virtual currencies – with MBK’s shares rising in price by approximately 17% since February.
The Establishment of Btcbox’s Subsidiary Has Been Largely Inspired by Japan’s Permissive Regulatory Climate
MBK has traditionally engaged in the provision of equity investment, debt financing, fund management, and merger and acquisition advisory. The move to enter the cryptocurrency markets is a notable diversification for MBK, which was first founded in 1947 and has traditionally been associated with Japan’s post-war manufacturing and merchant banking sectors.
The establishment of Btcbox’s subsidiary has been largely inspired by Japan’s permissive regulatory climate, with the company perceiving recent regulations as a likely catalyst for both recent and future growth. “In April of this year, demand for virtual currencies has been increasing more than ever since the ‘revised fund settlement law’ etc. came into effect in order to optimize the service on the virtual currency. Btcbox has also seen an increase in customer assets under management expected from an increase in new customers, as well as an increase in sales of bitcoin.”
The Hong Kong-based subsidiary also announced future plans to negotiate partnerships to provide remittance and settlement services to the international finance markets.
Do you think that Btcbox will be successful in capturing a significant share of the Hong Kong bitcoin markets? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, and BTCbox
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Source: News Bitcoin