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.”
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.