By Davis Byrne (US)
Japan’s famous messaging app LINE has succeeded to get the license for the crypto exchange business in the country.
The giant has received the license on Friday from FSA, a Financial Services Agency of Japan. And after the approval, now it would be able to operate its crypto exchange business in the country.
Bitbox: New Platform
According to the company, Bitbox is a new platform of the messaging giant LINE on which it will provide its cryptocurrency services. There are over 80 million active users of LINE in the country which will have these services of the company.
Financial Services Agency (FSA) states that the license was given to LINE on the 6th of Sep 2019 in the name of LVC Corp. LVC Corp. supervises the digital assets and blockchain units of the messaging app, LINE.
The FSA registration is also released on the Tokyo Stock Exchange by the President of the LINE, Takeshi Dezawa.
Also read:It is also pointed in the approval announcement of FSA that Bitmax, another platform of the company, will provide its trading services for five digital cryptocurrencies like Bitcoin (BTC), Ether (ETH), Bitcoin cash (BCH), Litecoin (LTC) and Ripple (XRP).
Token Economy
In the previous month, the messaging firm stated that they are planning on developing a “Token Economy” which will present two tokens: LINE Point in Japan and LINK for other nations. The main purpose of this token economy would be that it will link the service providers and the active users of the company.
As the messaging giant LINE says:
It aims to flatten the relationship structure between users and service providers to promote co-creation and mutual growth
According to the modern system, the company will also require its registration in first-class financial businesses apart from the license of the crypto exchange business.
Conclusion
As the LINE has approved itself from FSA, so now it can easily provide its crypto services to its users in the country of Japan.
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