The largest financial group of Japan, MUFG is preparing a service that will protect savings of the owners of bitcoins from crashing or losses on cryptocurrency exchanges that they use.
It will be the first in the world trust this kind of service. Mitsubishi UFJ Trust intends to offer the owners of bitcoin service, with which the bitcoins are to be in trust separately from the assets of the cryptocurrency exchanges. Japan is one of the world’s largest markets for trading bitcoins, despite the collapse of Mt Gox in 2014, which was the largest bitcoin exchange in the world.
In case of failure, incorrect operation or negligence of the operator of the exchange trust Bank will guarantee the protection of bitcoins for their owners. According to reports Nikkei, Mitsubishi UFJ Trust, a member of Mitsubishi UFJ Financial Group, have already applied for the relevant patent.
Bitcoin traders will need to subscribe to the service while trading on the exchange, allowing Mitsubishi UFJ Trust monitor their accounts. Trust the Bank noted suspicious activity and check the pending transaction.
“For example, selling large amounts of bitcoins late in the evening will be marked for testing instead of immediate treatment,” as explained in the message.
Mitsubishi UFJ Trust will maintain the activity reports of users that “will be used to guarantee the protection of owners of bitcoins” in case of accident to the operator, which may lead to losses. However, the owners are not protected from price fluctuations.
Users who subscribe to the service of the financial giant will pay the fee. But “customers will have peace of mind knowing that the trust Bank manages their assets,” explained Noriyuki, Hirose, Director General of the Tokyo bitcoin exchange.
Service trust Bank will be available to traders bitcoin after the launch, scheduled for April 2018. It is noteworthy that the service asset management will be implemented only after the financial services Agency of Japan (the financial regulator and the Supervisory authority of the country) recognizes cryptocurrency assets by type of real estate or securities that can be placed under trust management.