Japanese Cryptocurrency Exchange BTCBox Enters Hong Kong Bitcoin Markets


Japanese Cryptocurrency Exchange Btcbox Enters Hong Kong Bitcoin Markets

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.

Also Read: Rollout of 260,000+ Bitcoin-Accepting Stores in Japan Begins

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

Japanese Cryptocurrency Exchange BTCBox Enters Hong Kong Bitcoin Markets

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

Tags in this story
altcoin exchange, announces, Bitcoin exchange, btcbox, Cryptocurrency Exchange, Hong Kong, japanese, Markets, N-Economy, subsidiary

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Samuel Haig

Samuel Haig is a journalist who has been completely obsessed with bitcoin and cryptocurrency since 2012. Samuel lives in Tasmania, Australia, where he attended the University of Tasmania and majored in Political Science, and Journalism, Media & Communications. Samuel has written about the dialectics of decentralization, and is also a musician and kangaroo riding enthusiast.

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