Messaging Giant LINE Wins Japan License for Crypto Exchange Business
[NEWS BLOG]: Messaging Giant LINE Wins Japan License for Crypto Exchange Business
LINE, provider of Japan’s most popular messaging app, has just been approved for a cryptocurrency business license in the country.
The news, reported by CoinDesk Japan on Friday, means it will be able to offer its crypto exchange services in Japan where it has 80 million monthly active users. The new platform is to be called BitBox, according to the company.
The license was awarded by Japan’s Financial Services Agency, which indicated on its website that the registration was completed on Sept. 6 in the name of LVC Corp., which oversees LINE’s digital asset and blockchain business units.
LINE President Takeshi Dezawa also disclosed completed FSA registration to the Tokyo Stock Exchange today, as per the report.
The messaging firm said last month it’s aiming to build a “token economy” around its own blockchain LINK Chain. It will offer two tokens – LINE Point in Japan and LINK for other nations – aimed to connect users and service providers. Five decentralized dapps (decentralized applications) will soon be launched across categories including “prediction, Q&A, product review, food review and location review using social media.”
LINE said at the time that it “aims to flatten the relationship structure between users and service providers to promote co-creation and mutual growth.”
CoinDesk Japan also reports that impending legislative changes will soon have an impact on Japan’s crypto exchanges.
Revisions to laws related to cryptocurrencies scheduled for spring 2020 will mean cryptocurrency transactions and trading will be subject to the regulation of the Financial Instruments and Exchange Act.
Further, 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.
OTHER RELATED NEWS
Analyst: Bitcoin’s Dominance Suggests Intense Crypto Market Rally is Approaching
"Bitcoin’s Crypto Market Dominance Remains Steady at 65%"
Bitcoin has been largely outperforming smaller altcoins in the time following its mid-March meltdown.
This is clear while looking towards the growth its dominance has seen over the aggregated crypto market in the time following this bout of capitulation.
At the time of writing, Bitcoin’s dominance is sitting at 65%. This is around the level at which it has been hovering at over the past several weeks.
In late-February, BTC’s dominance hit its year-to-date lows as altcoins begin incurring massive momentum. This market-wide uptrend proved to be short-lived, as the turbulence seen across - read more.
Tencent to Build Virtual Bank After Hong Kong Regulator Approves License
Chinese internet giant Tencent is set to open a blockchain-based virtual bank after the Hong Kong Securities and Futures Commission (SFC) approved a new license.
Speaking at the World Blockchain Summit in Wuzhen, China on Friday, Tencent blockchain chief Yige Cai said the company’s virtual bank received the SFC’s green-light. Moving forward, the company will assemble a team to support the blockchain-based banking platform, according to Chinese media site Sina Finance.
“Hong Kong’s new regulations and supervision on digital assets transactions validates the importance of blockchain technology and digital assets, which is good news for the whole industry,” Cai said in his speech - read more.
Halving Priced In or Not, Bitcoin’s Trajectory Bullish for 2020: Exec
In less than six months’ time, Bitcoin will see an extremely important event. Known as a “halving” or “halvening,” the number of coins issued per block to miners will get cut in half from 12.5 to 6.25, effectively meaning that BTC’s inflation rate will be cut in half in layman’s terms.
Related Reading: Don’t Withdraw Bitcoin From Binance to Privacy Wallets, User Warns
The halving mechanism, should it be kept in the code in the decades to come, will ensure that there will only be 21 million Bitcoin in existence. Ever. This ties into Satoshi Nakamoto’s seeming obsession with creating a scarce, hard - read more.