The arm of the Japanese messaging giant Line focused on blockchain and digital assets, the so-called LVC Corporation, is close to obtaining a cryptocurrency exchange operating license from the financial regulator of Japan. This news was reported on the 20th of June this year.
Line is obtaining FSA license
According to one report from yesterday, the FSA or Financial Services Agency of Japan could issue the company with one exchange license as early as this particular month.
The specific trading service, which is dubbed BitMax, is going to enable the 80 million users or Line in Japan to buy, as well as sell several major cryptocurrencies and the native token of Line, called Link, according to sources.
According to one press release from recently, Line counts 187 million global users in a month, with an estimation beyond 50 million users registered its mobile payment service, the so-called Line Pay.
BitMax using the same back-end infrastructure like BitBox
BitMax is probably going to use the same back-end infrastructure just like the global crypto exchange based in Singapore and focused on users, called BitBox, which has been launched by Line during July of last year.
BitBox is still inaccessible for the users in Japan, given the exchange license requirements of the country. The license was actually mandatory for all the crypto exchanges which operate within Japan, since the amendment of the Payment Services Act of the country back in April 2017, and the FSA has since then kept ratcheting up requirements for the applicants.
One report from the local English-language newspaper, named The Japan Times, contextualized the accelerating foray of Line into crypto and blockchain against a backdrop of sluggish user growth that has ostensibly driven the shares of the firm to their lowest since the listing during 2016.
In the meantime, the firm is still awaiting a banking license which is going to authorize more profound integration of cryptos with its other services, which include e-commerce, according to The Japan Times, but it is only probably to be issued during the following year.
Line rolled out its cryptocurrency in the summer of 2018
Just like it was reported previously, Line has rolled out its Link crypto in the summer of the last year and kept developing its token ecosystem, which is based on the in-house service oriented blockchain of the firm, the so-called Link Chain. The blockchain network even enables the decentralized apps to be directly applied to the messaging platform of Line.
Earlier in June, Line also partnered with the American payment services firm, the well-known Visa, on new digital payments and blockchain solutions.
Facebook, the American social media giant, has in the meantime this week unveiled its white paper for its Libra crypto, which is going to be utilized by the 2/7 billion monthly users of Messenger, WhatsApp, and Instagram too.