Japanese GMO company's 2019 net profit declines, crypto business is affected but still profitable

On February 4, Japan's GMO announced its fiscal 2019 report. The report shows that GMO Financial Holdings, Inc.'s 2019 net profit fell 21.3% year-on-year to 6 billion yen. The report mentioned that in the cryptocurrency business, the leverage of margin trading was reduced due to the lower volatility of cryptocurrencies (mainly Bitcoin) and the early adoption of the self-discipline rules of the Virtual Currency Trading Association from the end of July. . But despite the decline in sales, the company improved profitability by optimizing insurance coverage and achieved a certain level of profit.