Japanese messaging service may get a license for crypto exchange in June
- FSA may issue the license for the Japanese giant before the end of June.
- Later this year the company will launch stock brokerage operations.
Line, one of the most popular messaging apps in Japan, might get permission to launch a cryptocurrency exchange as soon as this month, Bloomberg reports, people familiar with the matter.
The Japanese regulator, Financial Services Agency, is set to provide a license to a new service called BitMax, that will allow will allow Line’s users in Japan to buy and sell cryptocurrencies.
Line is another hi-tech company that seeks to get exposure to the cryptocurrency industry. However, unlike Facebook, Line is desperate to inject some excitement to its business model and overcome stagnation. The shares of the company hit the lowest level since 2016.
BitMax will be based on the same back-end technology as BitBox. This Singapore-based crypto exchange was launched by Line last year. Japanese citizens cannot use BitBox services as it is not correctly licensed.
Line has lots of plans. Thus, this year the company wants to launch its stock brokerage operations in partnership with Nomura Holdings Inc. Next year it will launch banking services with Mizuho Financial Group Inc.
Author
Tanya Abrosimova
Independent Analyst
