March 26, 2019, | AtoZ Markets – The new Japan Yahoo-backed crypto exchange Taotao -formerly known as BitARG- will start next May to enable trading in individual cryptocurrencies.
Japan Yahoo backed crypto exchange in a brief
The new Japanese cryptocurrency trading platform Taotao, formerly known as BitARG, is a 40% subsidiary of Yahoo! Japan. Among the cryptocurrencies that the new Japan Yahoo backed crypto exchange will allow trading will be Bitcoin (BTC) and Ethereum (ETH), with margin trading available from Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP). Japanese corporation. YJFX, Yahoo! retail currency broker is responsible for the launch of the new cryptocurrency exchange. The corporation launches Yahoo backed crypto exchange one year after the BitARG acquisition. The new Taotao platform is supposed to be based on the BitARG system. Taotao received regulatory approval from the Japan Financial Services Agency (JFSA) to enter the Japanese market.
Yahoo! Japan BitARG deal cost the company about 2 billion yen
Bit Arg Exchange Tokyo was one of 16 cryptocurrency exchanges in Japan with the FSA license issued in early December 2017. A year ago, Yahoo! Japan acquired 40 percent of the crypto exchange. The Japanse financial services agency had approved the transaction. The Internet giant acquired BitARG through Tokyo-based YJFX, a retail currency broker founded in 2003 and wholly owned by Yahoo. According to the local press, the deal cost the company about 2 billion yen ($ 19 million) for a stake in BitARG, consisting of outstanding shares and newly issued shares. Since April 2018, a number of YJFX executives and engineers have focused on developing a new exchange system at BitARG headquarters.
The team also assured then that it would prepare the corporate governance structure, as well as the client management system and the internal control system.
Japanese financial agencies tighten their control after Coincheck hack
After Yahoo! last year deal the market was thrilled as the Japanese financial authority became more demanding after it failed to prevent Coincheck security breach in January 2018. After hacking the Japanese crypto exchange, worth $ 533 million, the FSA suspended two business exchanges and fined others, including Coincheck. Japan announced then about imposing strict controls on organizations wishing to start exchanges, especially after several hacks that have attracted international attention to the industry. Despite the licensing scheme, which first appeared in April 2017, attacks and thefts continued. Coincheck nevertheless managed to return to the market after the buyout.
Japan remains positive toward crypto space
In recent years, Japanese legislatures have created a series of clear cryptocurrency management rules that support the industry. Also in the country of the rising sun, a number of positive changes happened, including the possibility of accepting Bitcoin-ETF, new exchanges entering the market and many others. Earlier this month, the new rules were introduced and approved, mainly related to the cryptocurrency margin trading.
Japan Yahoo backed crypto exchange pre-launch coming soon
The Japan Yahoo backed crypto exchange initiated a pre-launch campaign where users can take part in promotions by registering an account. According to a March 25 ad:
“The pre-registration period is from today (March 25) to April 17. In addition to being able to receive 1000 YEN in the “pre-registration campaign”, pre-registrants receive “1000 YEN” in “Lottery Campaign” in which 500 people will get 10000 YEN if they trade more than 250000 YEN during the trading period. It will be possible to participate”
This announcement caused a real stir in the Japanese crypto community since it signaled that the Internet giant is expanding into a crypto industry. It is the first attempt of the Internet giant in the world of.
Will Yahoo acquire more cryptocurrencies in other countries? Let us know what you think in the comments section below.