Japanese messaging giant, LINE, is now closer than ever to its plan to launch a new cryptocurrency exchange that will serve the country’s populace, according to a June 20 report by Bloomberg.
LINE, which has some 80 million users in Japan as per the report, is awaiting Japan’s Financial Services Agency (FSA) decision regarding the company’s application for an operating license.
The good news though is that sources close to the matter confirmed to Bloomberg that LINE’s wait for regulatory approval would end before the end of this month, with the FSA all but set to issue the license.
Upon getting the regulatory pass, LINE is set to launch its cryptocurrency exchange called BitMax in the next 'few weeks' which would reportedly allow the over 80 million people using the company’s messaging app, to buy and sell cryptocurrencies.
Interestingly, the new exchange by LINE would upon launch, offer users the option to buy and sell Bitcoin as well as the company’s token called LINK.
Additionally, the new exchange would use the same technology powering BitBox, another cryptocurrency platform that LINE launched in Singapore last year. BitBox, however, does not onboard Japanese users for regulatory reasons, prompting the impending launch of BitMax.
Meanwhile, the report also notes that LINE’s entry into the Japanese crypto industry may not stop at only launching a crypto exchange. The firm is in line to obtain a banking license from the country’s authorities, which would allow it to provide crypto-related services such as online shopping with crypto.
As you may already know, LINE is not the only messaging platform making an entry into the crypto industry. Earlier this week, U.S based Facebook announced its Libra cryptocurrency which would go on the become a global currency and bridge the gap between the banked and unbanked.
That move though has already met opposition from both local and foreign regulators.