Japan’s financial regulator has finally given LVC Corporation — Japanese messaging giant LIN ‘E’s digital asset- and blockchain-focused arm — has gotten a crypto exchange operating license, according to Cointelegraph ‘Japan’s Sept 6 news report.
Major Cryptocurrencies trade
Per earlier reports, 80 million Line users residing in Japan can now use BITMAX — LVC ‘Corp.’s trading platform — to buy and sell multiple major cryptocurrencies. The FSA has now authorized the platform to trade Bitcoin, Bitcoin Cash, Ether, XRP and Litecoin.
On a monthly basis, LINE boasts of nearly 187 million global users. Amongst its users, only 50 million have registered for LINE Pay — its mobile payment service.
LINE launched BITBOX — the Singapore-based, global user-focused crypto exchange — back in July 2018 and has gone ahead to repurpose BITMAX ‘platform’s back-end.
Japanese traders cannot access BITBOX due to the existing crypto-exchange license requirements in Japan — which came about following the April 2017 Payment Services Act amendment.
Beneficial of LINE’s native token
In late summer 2018, LINE unveiled Link (its native cryptocurrency) and later has developed a token ecosystem based on Link Chain — its service-oriented blockchain.
Decentralized applications can be directly applied to ‘Line’s messaging platform via the blockchain network
CT Japan did not make it clear whether FSA formally authorized the token should be included in its approved cryptocurrencies list for the forthcoming platform even though BITMAX will support LINK trades.
LINE has also partnered with Visa — an American payment services firm — this June for the purpose of developing new digital payments and blockchain solutions.
After obtaining the license, LINE’s unit is now amongst the twenty cryptocurrency exchanges that got the license to operate in Japan, including Rakuten Wallet, Coincheck, SBI VC Trade, among others.