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Technology

Japan firms launch e-currency exchanges to meet hot demand

Tax cuts, higher standards making trading easier, soaring demand in bitcoin-like investments

Investors in Japan will have an easier time trading virtual currencies like bitcoin as more exchanges crop up.

TOKYO -- More than 10 Japanese companies are launching exchanges for bitcoin and other virtual currencies, with an eye to tap growing demand after legal changes that make such trades cheaper and easier in the country.

SBI Holdings has set up SBI Virtual Currencies, an exchange between the yen and cryptocurrencies like bitcoin and that of the Ethereum platform. The GMO Internet group is also establishing its own company, with plans to increase the number of digital currencies it trades based on demand. Kabu.com Securities and foreign exchange trader Money Partners Group plan to enter the field as well.

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