LINE Corporation Launches Cryptocurrency Exchange
Line Starts Crypto Business. Japan’s most popular messaging app, Line Corporation, announced its plans to launch a cryptocurrency exchange on Wednesday.
Line Financial Corporation’s line-of-law companies “as a follow-up to Line Pay which aims to “strengthen its position in the financial affairs sector,” says its statement, adding;
Going forward, Line will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance – all from the Line app.
Line Pay is the payment and money transfer service linked to the Line chat application. Launched in 2014, it has signed agreements with more than 30 banks across Japan for instant instances using its platform, as reported by news.Bitcoin.com. On Wednesdays, the company said that registered users of Line have reached 40 million and that the volume of transactions last year exceeded 450 million yen (~ US $ 4.14 million). However, the company has not consolidated its new cryptocurrency exchange.
Application to Operate a Crypto Exchange
Since Japan’s Payment Services Law came into force in April last year, all companies wishing to operate cryptocurrency services must register with the Financial Services Agency (FSA) in the country. So far, 16 crypto exchanges have been approved.
Line revealed on Wednesday:
The application process for registration as a virtual currency exchange has already been started with the Financial Services Agency, and it is currently under review.
The announcement of the company is based on FSA investigations into all cryptocurrency exchanges in Japan. The FSA takes two months to approve the registration, an exception to the Coincheck application, which has been revised for more than four months.
Regarding the Coincheck hack, the chairman and CEO of Takeshi Corporation Uezawa commented that “security is a priority,” reported NHK.
The announcement of the crypto exchange of Line as his counterpart in South Korea to become the big volume of the country in a few months. Kakao Corp, which operates South Korea’s most popular chat application, Kakao Talk:
While more than 120 points are listed with its US-based Bittrex, the line has not been noted cryptocurrencies will be supported on its platform.