Yahoo Japan is reportedly planning to launch its own cryptocurrency exchange as early as April next year. The upcoming digital currency was initially reported to be a part of a joint venture between Softbank and Ataba which was formerly known as Yahoo!
The launch is planned for April 2019
Yahoo Japan plans to kick off the plans with the acquisition of a Tokyo-based BitARG Exchange in April. The technology that Yahoo Japan will access through the acquisition will be used to build the upcoming cryptocurrency exchange which it plans to launch in April, 2019. Yahoo Japan?s subsidiary, YJFX will pay $19 million or 2 billion yen to acquire 40 percent stake in BitARG. The latter has already been awarded a license to run a cryptocurrency platform from Japan?s Financial Services Agency (FSA).
Yahoo Japan also plans to make more investments using BitARG especially through its subsidiaries in the next 12 months even as it works on the upcoming exchange scheduled to launch in April next year. Japan is currently positioning itself as one of the biggest cryptpcurrency trading markets in Asia. This has especially been taking place after China which is one of the trading powerhouses in the region decided to ban cryptocurrency exchanges.
Japan previously implemented regulations that were favorable for cryptocurrency trading and crypto exchanges. This plus the country?s positive approach towards cryptocurrency have been the key factors that have encouraged companies located in Japan to start focusing on the development of cryptocurrency exchanges and the adoption of blockchain technology.
More players coming on board
Japan?s largest financial institution, the Mitsubishi UFJ Financial Group (MUFG), also plans to follow the same path as Yahoo Japan with the launch of its own crypto exchange. Japan-based chat app called Line also announced at the beginning of the year that it also has plans to create its own exchange which will operate in Japan, Luxemburg, and Hong Kong. The entry of these new firms in the crypto market comes amid concerns about hacking after some exchanges found themselves on the losing end due to hacks. However, the FSA has been keen on establishing regulations that might help bring order to the budding crypto market.
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