Japan’s renowned Monex Group, known for its online brokerage, cryptocurrency exchange, and asset management operations, has recently announced its intentions to acquire a majority stake in the Canadian crypto asset firm, 3iQ Digital Holdings. This strategic move is a part of Monex Group’s long-term plan to bolster its asset management business, as stated by the CEO of Monex Group, Yuko Seimei.
Monex Group’s Expansion into Crypto Asset Management
The Monex Group acquiring majority stake in 3iQ is a step towards capturing the growing crypto asset management needs of institutional investors and crypto asset exchanges worldwide. Monex Group has been a key player in the digital asset investment business since its acquisition of the crypto exchange Coincheck in 2018. This acquisition allowed Monex to enhance its governance, internal controls, and security, subsequently registering as a crypto asset exchange service provider in Japan.
Monex Group’s Confidence in 3iQ
Despite experiencing a high volume of outflows earlier this year, 3iQ has managed to retain Monex’s confidence in its innovative capabilities. Monex Group sees potential in 3iQ’s recent unveiling of the industry’s first-ever comprehensive suite of crypto hedge fund managed accounts. Monex plans to capitalize on 3iQ’s crypto-asset related product creation capabilities to maximize synergies among its group companies.
Monex Group and the Future of Crypto in Japan
Japan’s crypto industry has seen some notable advancements this year, despite trailing behind Hong Kong and Singapore in terms of local digital asset market development. In June, Japan revised the Payment Services Act to establish stablecoin-related regulations. Furthermore, Circle, the issuer of the USDC stablecoin, partnered with the securities and banking giant SBI Holdings in November, aiming to expand its presence in Japan.
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Please note that all information presented in this article is based on facts and does not constitute financial advice. Always do your own research before making any investment decisions.
