The chat app is the most popular in Japan launches a business exchange of crypto-currencies

The operator of the chat application the most popular in Japan with approximately $ 168 million monthly users, has announced its intention to launch a solution of exchanges of digital currencies. Line Corporation has already started the process of registering as a trade crypto-currencies with the financial regulatory authority of the country.

Source : Wikimedia Commons. Line Corporation is launching on the market of crypto-currencies.

A very ambitious project

The operation of the messaging application, Line Corporation has officially announced its plans Wednesday to launch a platform for the exchange of crypto-currencies. The company has established a subsidiary called Line Financial Corporation in order to further strengthen its position in this sector, says a press release. It indicates that, in the future, Line will use this new society as the basis of preparation to provide a variety of financial services, including a space for exchanges and transactions of the virtual currency, loans and insurance.

Check out below the details of this project :

Line Pay is the money transfer service mobile. This solution is associated with the messaging application online. Since its launch in 2014, the group has signed various partnerships with nearly 30 japanese banks to facilitate instant transactions. In the announcement Wednesday, the company said that the users of Line Pay have done transactions for $ 40 million. The volume of worldwide transactions last year exceeded 4,14 million. In addition, the company has not confirmed whether its new exchange will be integrated in Line Pay.

A market which is highly regulated in Japan

Since the japanese law on payment services entered into force in April 2017, all companies wishing to operate in this sector must register with the FSA (Financial Services Agency) of the country. So far, 16 exchanges have been approved.

The announcement of the company works in the framework of investigations of the FSA on all businesses to trade in Japan in the wake of the recent hacking of one of the most important stock exchanges of crypto-currencies in the country, Coincheck. The FSA generally takes two months to approve a registration, with the exception of the application of Coincheck, that she has been considering for more than four months.

Source : NewsBitcoin