Japan-based LINE Corp, owner of the popular mobile messaging app LINE, is expected to receive its crypto exchange license this month from Japan’s financial regulator, the Financial Services Agency (FSA).
As reported by CT Japan, the crypto exchange will be dubbed BitMax. BitMax will allow LINE’s 80 million users in Japan to trade major cryptocurrencies such as Bitcoin (BTC) and LINE’s native token, LINK (LN).
Previously, in July 2018, LINE launched a global user-focused cryptocurrency exchange based in Singapore called BitBox. BitMax will reportedly employ the same back-end infrastructure as its predecessor.
Since March, the FSA has granted licenses to only 19 crypto exchanges as a result of its stricter screening policies following last year’s Coincheck hack incident, which caused over US$530 million in damages. Nevertheless, Coincheck was able to receive licensing from the FSA earlier this year.
Among the FSA’s other crypto exchange license approvals is Rakuten Wallet. Rakuten Wallet — previously rebranded from Bitcoin exchange ‘Everybody’s Bitcoin Inc’ — was acquired by Japan’s e-commerce giant Rakuten in 2018.
Meanwhile, LINE is waiting on approval for a banking license from the FSA, which would allow cryptocurrency integration with its other services, including e-commerce. The license is reportedly expected to be issued in 2020.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us