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Cyber Bitcoin
Edited by qqqpeter at 2019-6-21 14:25

Bitcoinnews.com reported that Japan's most popular communications software LINE is applying to the country to launch its crypto exchange in the country. According to Bloomberg News reported on June 20, 2019, the license is expected to be released by the Japan Financial Services Agency (FSA) this month. If this is the case, these operations will be initiated within a few weeks of the regulatory authority's authorization.

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The platform, called BitMax, will extend trading facilities to approximately 80 million users in Japan. The report claims that this will enable transactions in major cryptocurrencies such as Bitcoin, including Line's own token link. After the report was released, Line's share price soared 4.6%.

About a year ago, Line launched the cryptographic exchange BitBox. However, the platform was rejected by Japan and the United States, which made these countries unable to access their services. BitMax is designed to use the same backend technology as BitBox.

The report pointed out that Line has another bank license application in Japan, which is unlikely to be released before next year. The issuance of the above licenses will result in a close integration between cryptocurrencies and services such as online shopping.

In March 2019, FSA granted a license to technology giant Lotte's encrypted exchange, which replaced the company's $2.4 million acquisition of Everybody's Bitcoin Inc. Yahoo Japan's encrypted exchange Taotao was launched on May 30, 2019 after obtaining FSA approval.

However, the FSA has been tightening its anti-money laundering system to check encryption exchanges in accordance with FATF inspections to improve its financial security framework. This is Japan’s top priority to avoid criticism from intergovernmental regulators, which will host the G20 summit on June 28 and 29 this year. This fact clearly shows that as of March 2019, only 19 crypto-exchanges were licensed by the FSA, not 190 applications received by the agency in 2018.
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