LINE is near to getting Japan license for crypto exchange

by in Cryptocurrency News

LINE is near to getting Japan license for crypto exchange

The famous messaging platform from Japan LINE will be able to open a cryptocurrency exchange in the country soon.

Related: JPMorgan’s blockchain network will launch in Japan in 2020

LINE is really close to getting a license from the Japanese Financial Services Agency (FSA), it can even become real in this month.

Owning the license will let the company run BitMax and offer cryptocurrency exchange services to over 80 million Japanese users.

As they didn’t have the regulatory clearance in their native country in 2018, LINE launched a cryptocurrency exchange, which is known as Bitbox, in Singapore.

In January 2018 approximately $530 million was hacked from Coinheck, after that FSA has tightened its scrutiny up. And now only 19 Japanese exchanges have the required regulatory clearance. What’s more, one of these 19 exchanges is Coinheck, which got its license earlier this year.

Also, LINE owns another banking license pending in Japan, which is going to be performed not earlier than next year. As Bloomberg reported, this license will let LINE create a special crypto payments tunnel for various services.