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Yahoo Japan Launching a Cryptocurrency Exchange

Yahoo Japan is preparing to launch a cryptocurrency exchange, regional media sources stated.

The Nikkei Asian Review reported on Friday that the tech firm — originally a joint venture between Softbank and Altaba — will begin an acquisition of BitARG Exchange Tokyo in April of last year and will spend the next year using BitARG’s technology to build a full-fledged exchange that will launch in 2019.Yahoo Japan

Yahoo Japan’s initial investment will see YJFX — one of the subsidiaries — pay 2 billion yen (~$19 million) for a 40% stake in BitARG, which already has a license from the country’s Financial Services Agency to operate a cryptocurrency trading platform.

Yahoo Japan will then make further investments in BitARG through other subsidiaries over the course of the next calendar year as it also scales up the platform’s operations in anticipation of its rebirth as a new exchange, which is tentatively scheduled for April 2019.

Japan has since emerged as a key center for cryptocurrency trading in Asia since China forced the closure of exchanges on the mainland.

In the past Japan had passed favorable cryptocurrency regulations, and these two factors have led several mainstream companies to begin developing cryptocurrency exchanges.

Mitsubishi UFJ Financial Group, the largest financial institution in Japan as measured by assets under management, is readying plans to launch an exchange, regional media sources reported in January.

Line – a Japan-based chat app with more than 700 million registered users – also announced in January of this year that it planned to create a cryptocurrency exchange that would operate not only in Japan but also in Luxembourg and Honk Kong.

Lastly, Japanese banking group SBI intends to build its own cryptocurrency exchange, however it recently delayed the launch so it could strengthen its security measures, a move that came in response to increased scrutiny from the Financial Services Agency.

As CBNN reported, the Financial Services Agency has increased enforcement of the cryptocurrency trading industry in the months following a record-setting heist at Tokyo exchange Coincheck.

More recently, the Financial Services Agency issued a formal warning to Hong Kong-based exchange Binance for illegaly operating in Japan without a license.

Olé Crypto,

CBNN

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