Japan Grants Crypto Exchange License to Messaging Giant LINE
Japanese messaging giant LINE, has obtained a crypto exchange operating license from Japan’s financial regulator for its digital asset daughter company.
The news was reported by Cointelegraph Japan on Sept 6.
Trading for 5 major cryptocurrencies
As previously reported, LVC Corp.’s trading platform, to be dubbed BITMAX, will enable Line’s 80 million users in Japan to buy and sell multiple major cryptocurrencies. According to CT Japan, the FSA has authorized the trading of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP on the platform.
In July 2018, LINE had launched the Singapore-based, global user-focused crypto exchange BITBOX — and will reportedly repurpose the platform’s back-end infrastructure for its Japanese FSA-approved platform BITMAX.
Due to Japan’s crypto exchange license requirements — in force since the amendment of the country’s Payment Services Act in April 2017 — BITBOX is not accessible for Japanese traders.
LINE’s native token and mainnet
The blockchain network also allows for decentralized applications to be directly applied to Line’s messaging platform.
LINK was listed on BITBOX in October 2018. While previous reports indicated that BITMAX, too, will support LINK trades, CT Japan has not indicated that the FSA has formally authorized the token in its list of approved cryptocurrencies for the forthcoming platform.