While Facebook is storming news feeds with its digital currency Libra, another giant of communication solutions on the Internet – LINE-is preparing to get a license from the cryptocurrency exchange in Japan.
According to Bloomberg, citing sources familiar with the situation this Thursday, LINE's application for the creation of a regulated crypto-exchange is in the final stages of consideration by the financial services Agency of Japan (FSA) and can soon be approved.
A positive decision will allow the LINE to realize its plan to launch in the Japanese market of the stock exchange BitMax. Bloomberg notes that before the end of the month, LINE can offer cryptocurrency trading services to 80 million users in the region.
In the middle of last year, LINE launched the BitBox exchange in Singapore, but it does not have regulatory approval in Japan, which is why users in the home market for the company can not trade on it. It is assumed that the technological component of the new exchange will be the same.
In addition, LINE expects to issue a separate banking license in Japan, which will allow the company to conduct in-depth integration of cryptocurrencies into its services, including for the implementation of payment functions.
Currently, there are 19 licensed exchanges in Japan. In March, another large Japanese company, e - commerce platform Rakuten, received an FSA license.