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VALU to end buying and selling of its own token “ VA ''-returning bitcoin in custody, abandoning regulatory compliance

UVALU announced on January 15 that it will abandon the custody business of customers' crypto assets in its SNS service "VALU" operated by the company. Along with this, the purchase and sale of the original token "VA" [MY VALU] will be terminated at 13:00 on March 2 and the return of the cryptographic assets from the customer will be advanced by 13:00 on March 31.

VALU is a service that allows users to trade their own value by issuing VA. The beta version was launched in May 2017 as a service that allows individuals with dreams and goals to seek continuous support by purchasing a VA. The user can give preferential treatment to the user who purchased the VA in return, thereby further increasing the value of the VA. Bitcoin is used for transactions such as VA purchases.

According to the company, although it has been studying with relevant parties to comply with the “ Regulations on Custody Business for Cryptographic Assets '' of the Revised Funds Settlement Act on Cryptographic Assets passed on May 31, 2019, the crypto asset custody in VALU It is said that he has abandoned the work related to. The business is said to require a fundamental business transformation because it is at the core of VALU, and it is preparing to update VALU after April 1, 2020.

    Services to be stopped this time

  • VA issuance, trading, storage and management functions in general
  • Custody of crypto assets
  • Overall SNS function
  • Stories function
  • Event ticket function

We also provide a bitcoin return application form for users who have a bitcoin balance in the wallet in VALU. By re-registering the final remittance address in advance by March 2, remittances will be made sequentially from March 2 [withdrawal fees will be borne by VALU]. Also, if you want to transfer VA to a public blockchain, such as when you want to use VA in a VALU service area, you will be notified to fill out the required information from the issued VA transfer application form.


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