LINE, Japan’s most popular messaging application provider, has just been approved for a commercial cryptocurrency license in the country.
The news, reported by CoinDesk Japan on Friday, means that it will be able to offer its encryption exchange services in Japan, where it has 80 million monthly active users. The new platform will be called BitBox, according to the company.
The license was granted by the Japan Financial Services Agency, which indicated on its website that the registration was completed on September 6 in the name of LVC Corp., which oversees the commercial units of LINE digital assets and blockchain.
LINE president Takeshi Dezawa also released the full FSA record on the Tokyo Stock Exchange today, according to the report.
The courier firm said last month that it aims to build a “token economy” around its own blockchain LINK chain. It will offer two tokens: LINE Point in Japan and LINK for other nations, intended to connect users and service providers. Five decentralized dapps (decentralized applications) will soon be launched in categories that include “prediction, questions and answers, product review, food review and location review using social networks.”
LINE said at the time that “it aims to flatten the structure of relationships between users and service providers to promote co-creation and mutual growth.”
CoinDesk Japan also reports that imminent legislative changes will soon have an impact on Japan’s encryption exchanges.
Revisions of the laws related to cryptocurrencies scheduled for spring 2020 will mean that cryptocurrency transactions and trade will be subject to the regulation of the Financial Instruments and Exchange Act.
In addition, in addition to the commercial virtual currency exchange license, encryption companies must register as first-class financial instrument companies under the new regime.
LINE app image via Shutterstock