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Cryptocurrencies

LINE receives FCA's approval for crypto exchange business in Japan

Monday 9 September 2019 | 10:12 AM CET

LINE, a Japanese messaging app provider, has been approved for a cryptocurrency business license in Japan.

Thus, LINE will be able to offer via their platform called BITBOX its crypto exchange services. BITBOX is LINE's global crypto platform, and specifically excludes the US and Japan. The Japan service will be a separate offering. The license had been awarded by Japan’s Financial Services Agency, which indicated on its website that the registration was completed on September 6, 2019 in the name of LVC, which oversees LINE’s digital asset and blockchain business units.

In August 2019, the messaging company announced plans to build a ‘token economy’ around its own blockchain LINK Chain. It will offer two tokens – LINK Point in Japan and LINK for other nations – aimed to connect users and service providers.

Revisions to laws related to cryptocurrencies scheduled for spring 2020 will mean cryptocurrency transactions and trading will be subject to the regulation of the Financial Instruments and Exchange Act. Furthermore, in addition to the virtual currency exchange business license, crypto companies will have to register as first-class financial instruments businesses under the new regime.

More: Link
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