Japanese Company Line Corp will launch crypto-exchange services through a mobile application

Japanese Company Line Corp will launch crypto-exchange services through a mobile application

Line Corp, Japan’s largest mobile application company, has created a new subsidiary called Line Financial Corporation, which will make available to the public a platform for trading and exchanging digital coins, insurance and loans,

Line Corp representatives also said they want to strengthen their position in financial services by investing in blockchain technology research and development.

Crypto services will be available through the Line Pay application, specializing in payments and mobile phone transfers. Last year, the volume of app transactions was about 450 billion yen ($ 4.1 billion), and the number of users is about 40 million.

According to statements made by Line Corp’s representatives, the new subsidiary is in the process of being licensed by Japan’s Financial Services Agency (FSA).

This is the second mobile application for cryptocurrencies to be available in Japan, the first being launched in July 2017 by Revolut, another mobile banking company. In July the application integrated bitcoin into payment systems, followed by litecoin and ethereum in December 2017.

Japan has become one of the most friendly jurisdictions for Cyprus during 2017, implementing regulations and a licensing system for associated services to ensure consumer protection. The bitcoin payment was legalized in March 2017, and the FSA issued operating licenses for cryptocurrency specialist companies in August.

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