Monex Will Start Paying Dividends With CoinCheck Accounts: Report

Monex will start awarding Bitcoin to its shareholders via the Coincheck platform according to the latest reports which we have in our latest cryptocurrency news below.

The owner of the Japanese crypto exchange announced in a statement on September 24 that the online broker Monex Group will give 500 yen in BTC to anyone who owns more than 100 shares and has a CoinCheck account. The move aims to complement a previous incentive scheme under which the shareholders gathered the so-called Monex points which is basically a redeemable bonus system. The statement explained:

“The Company has hitherto offered Monex Points as a shareholder benefit to those shareholders who hold the Company’s shares under custody in brokerage accounts of Monex, Inc., the company’s subsidiary.’’

By responding to the increasing aspiration for creating cryptocurrencies, the company decided to award 500-yen equivalent cryptocurrency BTC for every one of the shareholders who have a Coincheck account which is operated by the company’s subsidiary Coincheck, inc. The BTC giveaway will only apply to the 2019 financial year which means that these shareholders with the Coincheck account have to open before the financial year is at its end which is March 31, 2020. The company bought the exchange in March 2018 for $33 million and this was only a few months after the major hack which saw some malicious actors make off with the cryptocurrency worth more than a half a billion dollars.

The event also triggered a massive reorganization of the Japanese domestic exchange sector and the regulators were very keen into ensuring new actors who had sufficient security measures in place. At the start of this year, the formal licensing scheme and vetting procedure manage the entry of exchanges in the market so the businesses are not trying to get the opportunity and some major corporations start launching crypto exchanges mostly based in Japan. Among the others, the most recent was Rakuten which launched the Rakuten Wallet in August and the product was only a revamp of the previous exchange.

Now, Monex will start with the Bitcoin awarding but earlier this month the Japanese regulator the Financial Services Agency noted that they are strongly committed to making the country a leading proponent of cryptocurrency as we found out in the previous altcoin news here.