Lite to apply for a crypto license in Japan

Line cryptocurrency

Japan’s largest messaging application Line is reportedly days away from receiving a Japanese crypto license from the local financial regulator Financial Services Agency for opening a cryptocurrency exchange.

According to reports from several company insiders and app users from Japan, the regulator is considering to grant the license this month, which would allow Line to launch the exchange in just a few weeks time.

Line’s new crypto exchange, named BitMax will be exclusive to its users, totalling around 80 million in Japan. The users will have the option to buy and sell cryptocurrencies such as Bitcoin and the local Link token on the app itself.

The launch for BitMax is guaranteed to go very smoothly due to Line’s experience of handling crypto exchanges, such as BitBox in Singapore.

Line decided to create a completely different company based only in Japan due to regulation issues when trying to install a small branch for BitBox in the country. Furthermore, BitBox is not as profitable for Line, while BitMax is predicted to have a much better financial impact.

Line’s future is connected to quite a lot of diversification in the financial industry. The company will also apply for a banking license as it wants to supply its users the option to use cryptocurrencies while shopping through the application.

Furthermore, Line wants to introduce a new stock brokerage alongside Nomura.

Giorgi Mikhelidze

Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

Related News

Hot Stories

Ripple price analysis: XRP turns bearish again after pulling back up to $0.45, what's next?
Portugal unveils capital gains tax on crypto
Dogecoin founder says 95% of cryptocurrencies are ''scam and garbage"
Cardano Price Prediction 2022-2030: Is ADA a good investment?
Ripple price analysis: XRP/USD set to break above the $0.5 resistance

Follow Us

Industry News

The Pussyverse: How cryptocurrency Could tackle gender inequality in finance
MiamiCoin and NewYorkCoin plummet over 85% despite Mayoral endorsements
Cloudflare grants public access to Ethereum and IPFS gateways
Coinbase slows down hiring plans after Q1 losses
Korea's authorities open investigation into TerraUSD collapse