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Japanese FSA approves LINE crypto exchange

Samson Ononeme | Sep. 6, 2019
Japanese FSA approves LINE crypto exchange

Japanese messaging giant LINE has just received a crypto exchange license from Japan’s financial regulator FSA.

September 06, 2019, | AtoZ Markets - Japanese popular messaging app LINE, has been granted today a cryptocurrency business license to operate in the country.

LINE crypto exchange license received under Payment Services Act 

The license awarded by Japan’s Financial Services Agency (FSA) to LINE’s blockchain unit LVC Corp., under the country’s Payment Services Act will allow the company to offer crypto trading services to its over 80 million monthly active users. The FSA has authorized the trading of Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin on the platform.

Launched in July 2018, the new Singapore-based crypto exchange will be dubbed BitBox. According to the company, BitBox will repurpose the platform’s back-end infrastructure for its second Japanese FSA-approved crypto exchange Bitmax.

However, the global user-focused crypto exchange is currently not accessible for Japanese traders due to Japan’s crypto exchange license requirements. The LINE currently has 187 million monthly active users, with an estimated 50 million registered users of its mobile payment service, LINE Pay. 

LINE’s native token LINK and blockchain in brief

After it's native token LINK was launched in 2018, the messaging firm has since continued to build a “token economy” based on 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. Once launched, the blockchain network will allow 5 DApps (decentralized applications) to be directly applied to Line’s messaging platform.

LINE's BitMax becomes one of twenty licensed cryptocurrency exchanges in Japan, which include Coincheck and the recently approved Rakuten Wallet. Back in June, the company partnered with American payment services firm Visa on new blockchain and digital payments solutions.

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