The famous Japanese chat app named LINE is ready to introduce its own cryptocurrency exchange called BitBox. It is set to launch it next month per the company’s official statement. Back in January, the company had stated its intentions to get into the cryptocurrency services space.
LINE’s network is said to serve in excess of 200 million users currently. As soon as the BitBox currency exchange is launched, it will enable users to transact more than 30 digital coins. Users will only be charged a nominal fee of only 0.1% to trade their various cryptos which include, Bitcoin, Ethereum, Litecoin, Bitcoin Cash among others. The company confirmed that assets that made it to its list were thoroughly vetted by a committee comprising of experts.
LINE said that with the need to trade cryptocurrencies rising in the world, the company has been preparing to provide opportunities for users to do so securely, and as the secure system is now in place, the company will be offering the service.
As a result of strict and tough measures by the regulatory authorities, the exchange will not take part in the U.S as well as the Japan market. Japanese regulatory authority, the Financial Services Agency (FSA) has become more stringent lately in trying to curb the rising fraud and anti-social behavior such as terrorism that is said to be fueled through cryptos. Due to this predicament LINE was not successful in getting the mandatory license to operate in the Japanese market.
The U.S has also been tightening the loose ends, it is now mandatory for exchanges planning to trade cryptocurrencies as securities to register with the Securities and Exchange Commission.
Miss out on the U.S and Japanese markets
This is a major blow to the company as it will miss out on the lucrative market offered by the two nations as they both control a large stake of the cryptocurrency industry. The company also pointed out that it is not offering any fiat-crypto trade as it will only focus on the crypto-crypto transactions.
The company stated that the cryptocurrency exchange BITBOX is launching as part of LINES financial services business, providing services globally except in Japan and the U.S.
Nevertheless, the company confirmed that it is working hard to get an approval from the FSA. BitBox will be available in 15 languages excluding Japanese.