Major Japanese Fintech Firm Halts Plans to Launch Crypto Exchange, Citing Bear Market

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Money Forward Inc., the operator of one of Japan's most popular personal budgeting apps, has resolved to halt its plans to launch a crypto asset exchange. The development was reported by Cointelegraph Japan today, April 15.As previously reported, Money Forward had established a dedicated subsidiary in May 2018 for its crypto exchange project. It had intended to launch a crypto media platform, followed by a crypto exchange and the construction of a digital assets remittance and settlement system.Today’s announcement reveals that the company’s board of directors has opted to cancel the procedure of applying for official registration for the exchange and to postpone development of its planned crypto exchange business.Cointelegraph Japan cites the board’s announcement, which contextualized the decision to halt the project within the context of the company’s first quarter consolidated losses for the fiscal year ending November 2019. The board stated that:“The virtual currency market has cooled rapidly…

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