Spindle the Japanese Cryptocurrency Firm Relocating to London

Karan Balwani

August 17, 2018 4:17 pm

Crypto News

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Spindle, the Japanese cryptocurrency firm has announced plans to move its operations to London. The firm is promoted by the Japanese singer Gakuto Oshiro (Gackt). The company has announced that it has planned to move its operations to London in the wake of the ongoing investigations.

Gackt appeared for an online interview with news.Bitcoin.com expressing the differences in rules between the two countries when it comes to cryptocurrencies. He further said that documentation and procedures for business are a lot simpler in London as compared to Japan. To remain competitive, the company aims to keep up the pace of its business operations.

Spindle was created by Black Star & Co., a development company. The plans to shift operations were carried out on 15th August and the company was rebranded as Black Star Capital Ltd (UK). Notably, the company was a part of a major scandal which made headlines across the country.

It is alleged that the Japanese minister of Internal Affairs and Communications used his power and influence to pressurize the government to investigate the company. The company was already asked to stop selling cryptocurrencies in Feb 2018.

The underlying problem is that during the launch of the coin, it was priced at 30 yen ($0.27) and it fell to 0.4 yen ($0.0036). The investors are alleged to have made a lot of profit by selling these coins in the initial days.

As Gackt will be leaving Japan to move to London, a lot of fans and investors are bound to be upset by this move. However, since the rules and regulations in Japan are highly restrictive when it comes to cryptocurrencies, they aren’t left with many options.

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