LVC Corporation, the digital asset- and blockchain-focused arm of Japanese messaging giant LINE, has obtained a crypto exchange operating license from Japan’s financial regulator.
As previously reported, LVC Corp.’s trading platform, to be dubbed BITMAX, will enable Line’s 80 million users in Japan to buy and sell multiple major cryptocurrencies. According to CT Japan, the FSA has authorized the trading of Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and XRP on the platform.
Per a press release recently shared with FortuneZ, LINE counts 187 million global users monthly, with an estimated 50 million users registered its mobile payment service, LINE Pay.
In July 2018, LINE had launched the Singapore-based, global user-focused crypto exchange BITBOX — and will reportedly repurpose the platform’s back-end infrastructure for its Japanese FSA-approved platform BITMAX.
Due to Japan’s crypto exchange license requirements — in force since the amendment of the country’s Payment Services Act in April 2017 — BITBOX is not accessible for Japanese traders.