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MUFG weaving safety net for bitcoin holders

Trustee option to keep holders' cryptocurrencies separate from exchange assets

  © Reuters

TOKYO -- Mitsubishi UFJ Trust and Banking is preparing a scheme for protecting holders of cryptocurrencies if the exchanges they use fail -- a risk that veteran fans here know all too well.

This highlights how Japan's finance industry seeks to make the most of the opportunities associated with virtual currencies, which the country has taken to in a big way, accounting for around 40% of global bitcoin trading. Japan was also the epicenter of one of the digital currency's biggest shocks -- the 2014 collapse of Mt. Gox, the largest bitcoin exchange at the time.

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