Major Japanese online securities firm Monex Securities is the first Japanese firm to offer a cryptocurrency CFD.
Monex Securities, a major Japanese online securities company, launched a cryptocurrency contract-for-difference service today. This marks the first time that a major online Japanese securities company has offered a crypto CFD.
A CFD is a type of derivative in which the “buyer” of the contract pays the “seller” the difference between the current price of an asset and the price of that asset at a future date stipulated in the contract.
Speaking to Cointelegraph, Monex said they would consider adding new coins after considering “demand, liquidity risks, price fluctuations risk and crypto blockchain network risk.”
Monex Securities’ parent company, Monex Group, also runs Coincheck, one of the biggest cryptocurrency exchanges in Japan.
On May 1, the Japanese government enforced the revised Financial Instruments and Exchange Law (FIEL). According to this new law, every business involved in offering crypto derivatives trading is required to be registered as a Financial Instrument Business.
Monex Securities will offer the new crypto derivative service as a financial instrument regulated by the FIEL.
Source: Cointelegraph https://cointelegraph.com/