Japanese Mitsubishi to set crypto assets trust, South Korea to ban certain type of crypto transactions

The Japanese conglomerate called Mitsubishi UFJ decided it would be good to enter the cryptocurrency assets insurance market, which is very underdeveloped right now, as cryptocurrency exchanges’ owners usually do not wish to take any obligations. Mitsubishi UFJ Trust will be responsible for the creation of this new service.

This trust will allow to track cryptocurrency assets stored on other exchange and will monitor transactions. In case something goes wrong, the company pays compensations for the unlucky cryptocurrency holders, and of course, the service will not work for free. Journalists note how this big cryptocurrency trust appears in Japan, the country where the infamous Mt Gox cryptocurrency exchange was situated. To remind, Mt Gox was one of the biggest financial disasters in the history of Bitcoin, if not the biggest. Its collapse harmed the reputation of digital currencies in 2011 almost as seriously as Bitcoin futures improved the image of Bitcoin. The trust will be launched in April for Bitcoin, and probably later on it will work with other cryptocurrency assets.

Meanwhile in the neighbouring South Korea, the authorities decided to forbid local exchanges to conduct cryptocurrency transfers by request from anonymous accounts. This is a major strike on crypto anonymity in this country.