Messaging Giant Line to Launch Crypto Exchange at July

According to CNet, the new trade, called BitBox, was unveiled during a conference held this week in Japan. Notably, the market won’t offer services to residents in Japan along with the U.S. — a likely nod to the regulatory realities of working in those markets.

Its decision to exclude Japan suggests that its effort to acquire a license from Japan’s Financial Services Agency (FSA) is still continuing, given that it revealed its application right back in January.

Line’s exchange will encourage bitcoin, bitcoin money, ether along with litecoin among a list of”30 or more monies” the firm said were selected”through a rigorous review by a listing committee composed of specialists ”

Picture via Shutterstock

“The application process for registration as a virtual currency exchanger has already been started together using the Financial Services Agency [FSA], and it’s currently under review,” Line said in a statement in the time.

Published at Thu, 28 Jun 2018 13:15:19 +0000

Line, the firm behind a popular chat app in Japan, announced Thursday that will start a cryptocurrency market in July.

The chief in blockchain information, CoinDesk is a press outlet that tries for the highest journalistic standards and abides by a strict series of editorial policies. CoinDesk has been also an independent operating subsidiary of Digital Currency Group, which excels in cryptocurrencies along with blockchain startups.

The messaging app company clarified:
In a statement launch, Line said that the trade would be only crypto-to-crypto, which means it will not, at least for now, encourage government-issued monies.

The move comes months after Line established a brand new business devoted to crypto solutions, indicating in the time it was eyeing a market launch.
“[The] cryptocurrency market BITBOX is launching within LINE’s financial services industry, providing services globally except in Japan and the U.S. 30 or more cryptocurrencies can be exchanged in BITBOX, and it’ll support 15 languages excluding Japanese. BITBOX only allows the market of cryptocurrencies, and does not accept trade between fiat money and cryptocurrencies.”