LINE wins Crypto Exchange Business of Japan
September 7, 2019
LINE wins Crypto Exchange Business of Japan
September 7, 2019

LINE, the most popular messaging application of Japan, has recently been approved for a cryptocurrency business license in the country.

 It has been reported that it will be able to offer its crypto exchange services in Japan where it has 80 million monthly active users. According to the company, the new platform is to be called BitBox.

The license was awarded by the Financial Services Agency of Japan, which designated on its website that the registration was completed on September 6 in the name of LVC Corp., which rules LINE’s digital asset and blockchain business units.

As per the report, Takeshi Dezawa, the President of LINE, revealed completed FSA registration to the Tokyo Stock Exchange today.

LINE Point and LINK Chain

The messaging firm said that last month, it aimed to build a “token economy” throughout its own blockchain LINK Chain. It will be offering two tokens – LINE Point in Japan and LINK for other Nations, that aimed to connect users and services providers. Five decentralized applications will soon be launched across categories including “Prediction, Questions & Answers, Product Review, Food Review and Location Review using social media.”

ALSO READ :  Tourists in Popular Japanese Regions to Use A Local Cryptocurrency
LINE
LINE, the messaging application

At the same time, LINE said :

 “It aims to flatten the relationship structure between users and service providers to promote co-creation and mutual growth.”

It has also been reported that upcoming legislative changes will soon have an impact on Japan’s crypto exchanges.

Modifications of law-related cryptocurrencies were scheduled for spring 2020 which means cryptocurrency transactions and trading will be subjected to the regulation of the Financial Instruments and Exchange Act.

So, in addition to the virtual currency exchange business license, Crypto Firms will have to register as first-class financial instruments businesses under the new regime.


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Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, and guides.
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