Rakuten to launch cryptocurrency exchange in April

Japanese e-commerce giant Rakuten has announced that its cryptocurrency exchange Rakuten Wallet has completed its registration and will launch in April.

In a press release dated March 26, Rakuten said that Rakuten Wallet’s registration with the Kanto Local Finance Bureau has been completed as a "virtual currency exchange service provider" based on the Payment Services Act.

Previously known as “Everybody’s Bitcoin,” the cryptocurrency exchange was renamed as “Rakuten Wallet” earlier this month. Rakuten acquired Everybody’s Bitcoin in August 2018 for 265 million yen.

Rakuten Wallet received a business improvement order from the Kanto Local Finance Bureau on April 25, 2018. Since then, it said, it officially restructured its management system, including formulating a business improvement plan and strengthening its business management and internal control systems, and could register as a “virtual currency exchange services provider”.

“As a virtual currency exchange service provider, Rakuten Wallet will support sound development of the industry, and provide a safe and trustworthy user experience by further strengthening its security and service offerings,” it said.

In addition to Rakuten Wallet, TaaTao, a crypto exchange which is 40 percent owned by a local subsidiary of Yahoo! Japan, is expected to begin its operations in May, CoinTelegraph reported.