GMO Internet Group
GMO Internet Group
GMO Internet Group Enters Virtual Currency Conversion and Transaction Business with GMO Wallet
Tokyo, Japan – January 17, 2017 – GMO Internet Group ( officially decided to enter virtual currency conversion and transaction business with GMO Wallet, Inc., a company established on October 11, 2016 as preparation for entering this business.

Bitcoin, Ethereum, and other types of virtual currency are recently used in various transactions, such as international money transfer and payment by individuals and companies, and market size of the virtual currency is expected to reach JPY 1 trillion within a few years. In May 2016, Japanese government enacted changes to its Payment Services Act, which defines virtual currency as a currency that has property value and that can be used as payment method, and determined that virtual currency transaction business must be registered under the supervision of Financial Services Agency. Ministry of Finance and Financial Services Agency are also considering the abolishment of consumption tax on virtual currency transactions by the Spring of 2017. If this is enacted, virtual currency will be equivalent not to goods and services but to actual currency, so virtual currency is expected to further grow.

Under the corporate slogan “Internet for Everyone” GMO Internet Group, which comprehensively develops Internet business, has strong technological development capability that enables the development of its own services. Domain, hosting & cloud, security (SSL), ecommerce solutions, and payment – the five major businesses in Internet Infrastructure segment – each hold top share in their respective markets in Japan. In addition to launching Internet Securities business based on technological capability and infrastructure management expertise cultivated through the development and provision of Internet Infrastructure business, the Group’s FX trading services have No. 1 transaction volume worldwide. The Group is also preparing for the launch of an Internet bank as new business in Internet Finance segment.

 The Group has the expertise, cultivated through Internet Infrastructure segment and Internet Finance segment, that enabled the establishment of GMO Wallet on October 11, 2016, and will continue to prepare for entering virtual currency conversion and transaction business.

In consideration of the fact that domestic business environment improved after the Financial Services Agency announced Cabinet Office Ordinance on virtual currency on December 28, 2016, the Group officially decided to enter virtual currency conversion and transaction business with GMO Wallet, a company established as preparation for entering this business.

GMO Wallet will use the Group’s expertise, cultivated through Internet Securities business and security business, to provide a safe and reliable virtual currency transaction environment. GMO Wallet will also partner with other Group companies, and will prepare to develop and provide inexpensive, convenient services.

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