LINE, provider of Japan’s most popular messaging app, has just been approved for a cryptocurrency business license in the country.
The news, reported by CoinDesk Japan on Friday, means it will be able to offer its crypto exchange services in Japan where it has 80 million monthly active users. The new platform is to be called BitBox, according to the company.
The license was awarded by Japan’s Financial Services Agency, which indicated on its website that the registration was completed on Sept. 6 in the name of LVC Corp., which oversees LINE’s digital asset and blockchain business units.
LINE President Takeshi Dezawa also disclosed completed FSA registration to the Tokyo Stock Exchange today, as per the report.
The messaging firm said last month 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. Five decentralized dapps (decentralized applications) will soon be launched across categories including “prediction, Q&A, product review, food review and location review using social media.”
LINE said at the time that it “aims to flatten the relationship structure between users and service providers to promote co-creation and mutual growth.”
CoinDesk Japan also reports that impending legislative changes will soon have an impact on Japan’s crypto exchanges.
Revisions to laws related to cryptocurrencies scheduled for spring 2020 will mean cryptocurrency transactions and trading will be subject to the regulation of the Financial Instruments and Exchange Act.
Further, in addition to the virtual currency exchange business license, crypto firms will have to register as first-class financial instruments businesses under the new regime.
LINE app image via Shutterstock