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Japan's digital currency exchanges look overseas for growth

Japan's digital currency exchanges are looking overseas to boost trading volumes and improve liquidity, The Nikkei reported Dec. 15.

Quoine is set to launch in the Philippines in 2018, while Bitpoint Japan plans to enter Taiwan in January 2018. Tokyo-based exchange operator bitFlyer is setting up a unit in Luxembourg to prepare for a launch in the European Union, the publication reported.

Tokyo-based Bitbank is considering entering parts of Asia and Africa to facilitate international financial transactions. Meanwhile, SBI Holdings Inc. is forming a capital tie-up with Beijing-based exchange operator Huobi to help open a trading platform in Japan.

The moves came as digital currency exchanges face difficulties in finding enough business in Japan to go around. The country currently has around 20 digital currency exchanges. Further, they are looking overseas to tap into demand for cross-border remittances.