DMM, which is a major Japanese entertainment conglomerate, is interested in running a cryptocurrency exchange. DMM already operates an e-commerce exchange that is accessed by 27 million users. They are looking to open their cryptocurrency exchange this month. The exhange will launch on January 10th. Starting January 11 is when DMM will be scoping for local investors and traders. Since DMM is a financial organization, it is controlled by Japan’s Financial Service Agency (FSA). So, DMM must comply and implement Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. Like many other exchanges in Japan, DMM will have to create a powerful verification process for investors, particularly for high profile traders. DMM will be offering 7 digital currencies for trade such as: ETH, XRP, NEM, and many more. They will also be offering 14 currencies for leveraged trading and 3 currency pairs for spot trading.
In the last year, large-scale Japanese internet company GMO Group, started its own digital currency exchange. They creating a mining center for Bitcoin and a factory that manufactured ASIC mining chips. GMO Group also works with reputable investors and institutions and will be a big competitor for DMM.