Japan’s Most Used Messaging App, LINE, Awarded Crypto Exchange License for BitBox
The provider of the most used messaging app in Japan, LINE, has been awarded a crypto exchange lincense by the Japanese government.
According to CoinDesk, the company which boasts of about 80 million users per month will now be able to provide crypto exchange services to its clients. The crypto trading platform will referred as Bitbox, the company said.
According to Japanese Financial Services Agency’s website, the license was approved on September 6 and was given to LVC Corp, which is a subsidiary of LINE overseeing its digital assets unit.
Takeshi Dezawa, LINE president also revealed licensure to the country’s largest stock exchange, Tokyo Stock Exchange in accordance to the laid down financial regulations.
Late last month, LINE revealed that it was at an advanced stage to develop a token economy in Japan using its LINK blockchain platform. In line with this, the company aims at providing two tokens namely, LINE for its japanese market as well as LINK for its international markets with the aim of linking service offerors to users. The company also revealed that it was in the process of introducing five decentralized dapps which serve different categories such as prediction, Q&A, product review, food review and location review utilizing different social media platforms.
According to LINE the aim of the company is to lessen the relationship structure among the service offerors and their clients so as to enhance co-creation as well as mutual growth.
Cointelegraph reports that Bitbox has been operating in Singapore but due to the tough crypto laws and guidelines in Japan, LINE was slow in applying for a license in the country. The tough licensure requirements meant that Bitbox was not available for Japanese clients.
As per the CoinDesk report, Japan is yet again to review its legislations governing the crypto industry which will have a major impact on crypto exchanges. The review is planned for 2020 to adhere to Financial Instruments and Exchange Act.