Japan’s largest messaging application Line is reportedly days away from receiving a Japanese crypto license from the local financial regulator Financial Services Agency for opening a cryptocurrency exchange.
According to reports from several company insiders and app users from Japan, the regulator is considering to grant the license this month, which would allow Line to launch the exchange in just a few weeks time.
Line’s new crypto exchange, named BitMax will be exclusive to its users, totalling around 80 million in Japan. The users will have the option to buy and sell cryptocurrencies such as Bitcoin and the local Link token on the app itself.
Line decided to create a completely different company based only in Japan due to regulation issues when trying to install a small branch for BitBox in the country. Furthermore, BitBox is not as profitable for Line, while BitMax is predicted to have a much better financial impact.
Line’s future is connected to quite a lot of diversification in the financial industry. The company will also apply for a banking license as it wants to supply its users the option to use cryptocurrencies while shopping through the application. Furthermore, Line wants to introduce a new stock brokerage alongside Nomura.