The Largest Forex Market in Japan Releases Bitcoin Exchanges due to Increasing Demand
Z.com Coin bitcoin exchange is one of the latest divisions of GMO. It’s also one of the leading internet and Forex exchange provider of Japan that opened to astounding traffic volumes.
The exchange planned to reschedule the launch on Wednesday, due to the temporary delay that was caused previously because major traffic related to high level of Bitcoin trading in the previous week, which also took the site offline, sending maintenance messages on the first day of service itself to visitors.
“Due to the concentration of access after the site was launched today at 2 o’clock, some customers are unavailable, so we are currently in urgent maintenance. We are sorry for the inconvenience, but please wait for a while until the end of maintenance.”
GMO (the parent company) along with GMO Ventures, which is the venture capitalist arm of GMO, were once long-term investors of BitFlyer, which is one of the leading exchanges of Japan. In October 2016, the plans for GMO-Z.com Coin Co. Ltd were initially made public, as we heard some positive things from the Japanese Government when it came to Bitcoin regulation.
9 May marked the beginning of pre-registration for trading on the platform, whereas the initial launch is scheduled for 24 May.
However, the launch was delayed for a week, due to the all-time high volumes of Bitcoin prices, which was the result of increased Bitcoin transactions after the announcement on 9th May.
“We will provide customers with a stable trading environment and judge whether it is necessary to conduct additional service verification and system adjustment for the platform to be used with confidence. The start date of the service has been postponed to May 31, 2017.”
The demand for the initial service after the official announcement by GMO in May was due to the existing customer base that GMO had. Since 2012, Click Securities of GMO has been world’s leading FX brokerage according to volume and according to the estimate by the company, the cryptocurrency size in Japan will 1 trillion yen on a daily basis in the coming few years.
One of the biggest retail investor in Japan known as ‘Mrs. Watanabe’, which is mostly dominated by females, are also known to be favourable of Forex margin trading. Their preferred platform is Click FX, which is a platform by GMO, for their day trading and Z.com coin was also modeled after this platform.
“In recent years, the recognition rate of virtual currency in Japan has risen, and the revised fund settlement law regulating the trading, etc. of virtual currency has come into force on April 1, 2017. The consumption tax on the virtual currency is adjusted in the direction of tax exemption, and further use of the virtual currency is expected to expand in the future.”
There are mainly two types of accounts currently being offered by Z.com Coin, which include a ‘Simple’ account and a ‘Full access’ account. The set-up phase in ‘Simple’ account is comparatively easier since the website does not ask for much information for identification. However, the exchange is termed cryptographic wallet in nature, as the coins can be bought with which the deposits can be made along with withdrawal later.
KYC (Know your customer) along with AML (Anti-money laundering) documentation is necessary for ‘Full access’. They allow Japanese Yen transactions when it comes to depositing and withdrawing of money along with allowing them to trade on trading services provided by Z.com Coin.