DeCurrent, a major Japanese crypto exchange, has increased its capital by 2.75 billion yen (around $25 million) by allocating new shares.
Announced on Monday, the step was taken to improve the existing digital currency trading services on the platform, along with plans to expand its services.
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“Amidst a growing major trend towards the spread of digital currency, the Company, which aims to become a “main bank of digital currency,” plans to use the proceeds of the capital increase not only to enhance transaction services for existing virtual currencies (crypto assets) but also to develop and to promote the business for the expansion of digital currency and settlement services,” the Japanese exchange stated.
This fresh share placement has increased the stake of Internet Initiative Japan (IIJ), the largest shareholder of the exchange, to 30 percent. The other 70 percent of the company stock is being held by other existing corporate shareholders.
The announcement also detailed that a total number of 13,770 fresh “non-voting” shares have been issued.
Clarifying crypto laws
Established in January 2018, DeCurrent is one of the 23 Financial Services Agency (FSA)-approved digital currency exchange operating in Japan.
Last month, the Japanese regulator approved the Japanese subsidiary of OKCoin for operating crypto exchange in the country.
Meanwhile, Japan is also moving to strengthen its laws for the crypto industry.
The country will enforce new crypto laws from next month, which will bring the initial coin offerings (ICOs) and security tokens (STOs) under its existing Financial Instruments and Exchange Act (FIEA).
In addition, the new laws will also regulate the crypto derivatives market in the country.