In spite of the current downturn in cryptocurrency markets, it is always a step ahead revolutionizing the world economy. More and more individuals, businesses, and companies are joining the cryptocurrency with hopes that cryptocurrency will soon replace fiat currencies. With more people opting to go cashless for safety and security purpose, it is just the right timing for the general public to start embracing cryptocurrency.
While most countries have been taking various measures to regulate cryptocurrency, Japan is one of those countries that have been supporting cryptocurrency implementation since its infancy.
Last year’s financial report shows that Japan is a crypto-friendly country that openly accepts Bitcoin as a payment method. Line Corporation is one of the leading companies in Japan that has entered the financial field by launching Line Financial Corporation. It has added “Line Pay” mobile wallet for its users last year. Now, the company has announced that it is going to launch a cryptocurrency exchange in the country to facilitate its 200 million active users.
The official sources have confirmed that the company has filed an application to Financial Services Agency to do business as cryptocurrency exchange. The move is important because Line is the largest chatting app in Japan with 40 million registered users worldwide using Line Pay. Last year, Line Pay has processed 450 billion Japanese yen ($4.1 billion). The launch of this cryptocurrency exchange will facilitate their users to exchange cryptocurrencies through the app on their devices.
The official announcement from the company states that the company wants to provide their users with varied financial services including cryptocurrencies, loans, and insurances.