Asia’s Tokyo Stock Exchange Is Troubled By Noah Ark (Noah Coin) Crypto Firm
According to local Japanese media outlets, the Tokyo Stock Exchange (TSE) is concerned about the acquisition of a company listed on the stock exchange by a Hong Kong-based cryptocurrency firm. The Tokyo Stock Exchange is generally receptive and welcoming to new companies, but that does not seem to be the case with crypto companies.
The exchange operator is evidently concerned about Beat Holdings being taken over by Noah Ark Technologies, which is a company from Hong Kong reportedly trying to launch crypto exchanges and ICOs in Japan and other similar jurisdictions
Noah Ark Plans To Take The Crypto Market To Japan
Noah Ark was already a shareholder of Beat Holdings even before acquiring the company and it has proposed for the company a change of name to include “Noah Coin” on its name in June, according to reports. Also, Noah Ark has proposed that the other company should issue new shares.
Now that Noah Ark has started the process to buy Beat Holdings, it has been eyeing the acquisition to launch crypto exchanges in Japan, the United States, China and some European countries, as well as launching a $1 billion USD ICO that would help the company to launch its Noah Coin.
It is clear that the intentions of Noah Ark when acquiring this new company are to use it to get money in the market of cryptos while having access to the TSE.
Tokyo Stock Exchange Unable To Stop Purchase Of Beat Holdings And Clearly Distressed
The reports indicate that the members of the Tokyo Stock Exchange are distressed because they do not have any way to stop the acquisition. According to a TSE official, the company is “troubled, to be honest” as it perceives that the cryptocurrency market lacks investor protection.
It also adds that Noah has not been approved as a crypto exchange operator in Japan yet. However, it remains unclear whether the company has formally applied for it yet or if not.
There is also resistance from the CEO of Beat Holdings, Lian Yin, in the planned takeover. According to him, the company is only buying Beat Holdings to enter the TSE, which would give it credibility, as the company is the largest stock exchange in Asia. Also, he believes that the company is probably going to launch an ICO in Singapore or Hong Kong soon.
At the moment of this report, Noah Ark was the major shareholder of Beat, with a 15% stake in the company. The management rights of the company will be decided on a shareholders’ meeting in September.