LINE, Japan’s major provider of messaging app, has been granted the license for cryptocurrency business operating in the country.
The license was awarded by Japan’s Financial Services Agency, the registration was completed on Sept. 6 in the name of LVC Corp.
This allows the company to offer its crypto exchange services in Japan where it has 80 million monthly active users. According to the LINE press relies, the new crypto exchange is to be called BitBox.
Asa reminder, last month, LINE said it’s aiming to build a “token economy” around its own blockchain LINK Chain. It will offer two tokens – LINE Point in Japan and LINK for other nations – aimed to connect users and service providers.
According to new crypto-related laws, which implementation is scheduled for spring 2020, cryptocurrency transactions and trading will be subject to the regulation of the Financial Instruments and Exchange Act. In addition to the virtual currency exchange business license, crypto firms will have to register as first-class financial instruments businesses.