Z.com Coin, the cryptocurrency of the Japanese conglomerate GMO Internet Co. is launching for trading on May 24, the company said in an announcement. Prior to that the company starts accepting account applications on May 9.
GMO-Z.com Coin was established as GMO Wallet Co. in the autumn of October 2016 with the purpose of setting up an exchange for trading in cryptocurrencies.
GMO, which also owns Japan’s largest forex and binary options brokerage GMO Click Securities, is one of the many Japanese companies who are showing increasing interest in cryptocurrency exchanges and services.
This is the logical result of the amendments approved by Japan’s parliament that came into effect this spring. Besides introducing licensing requirements for the cryptocurrency exchanges, thus increasing their reliability, the legal changes recognize the virtual currencies as legal payment method and ease the tax burden on them.
Other Japanese forex brokers that are taking a foray into cryptocurrency trading are Money Partners Group who teamed up with the exchange Zaif and Kabu.com, while the major bank MUFJ is planning to also launch its own cryptocurrency.
The rising interest in cryptocurrencies in Japan has been driving the price of Bitcoin the one historical high after another to over $1700. Other cryptocurrencies have also posted significant surges in prices, bringing the combined market capitalization of all public cryptocurrencies to over $20 billion, excluding the bitcoin.