Messaging App LINE Secures Crypto Business License in Japan

LINE, supplier of Japan’s most mainstream messaging application, has recently been granted a digital currency business permit in the nation.

The news, revealed by local media on Friday, implies it can now provide its cryptocurrency exchange services in Japan where it has over 80 million monthly dynamic clients. The new platform is yet to be named, as per the organization.

The permit was granted by Japan’s Financial Services Agency, which demonstrated on its site that the registration was finished on September 6 under the name of LVC Corp., which regulates LINE’s digital asset and blockchain specialty units.

LINE President Takeshi Idezawa additionally unveiled finished FSA enlistment to the Tokyo Stock Exchange on September 6, according to the report.

The messaging company said a month ago it intends to construct a “token economy” around its very own blockchain LINK Chain. It will provide two tokens – LINK Point in Japan and LINK for other countries – meant to connect clients and service organizations. A few decentralized dapps (decentralized applications) were already introduced over classifications such as “prediction, Q&A, product review, food review and location review using social media.”

LINE stated at the time that it “aims to flatten the relationship structure between users and service providers to promote co-creation and mutual growth.”

It was also mentioned that looming administrative changes will soon affect Japan’s cryptocurrency exchanges.

Amendments to laws identified with digital forms of money booked for spring 2020 will mean cryptographic money exchanges and trading will be liable to the guideline of the Financial Instruments and Exchange Act.

Notwithstanding the virtual currency trade business permit, crypto firms should enroll as first-class monetary instruments businesses under the new system.