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LINE’s LVC Corporation receives license to operate cryptocurrency exchange in Japan

Fri, 06 Sep 2019, 10:17 am UTC

Chat giant LINE has announced that its LVC Corporation, its subsidiary focused on its virtual currency and blockchain related business, has obtained a license to operate a cryptocurrency exchange in Japan.

LINE established LVC Corporation in January 2018. In an announcement dated September 06, LINE said that LVC has completed the registration with the Kanto Local Finance Bureau for operating a crypto trading platform.

“Today, the [Financial Services Agency] FSA's list of cryptocurrency exchange registrations was announced, and LVC was officially registered as a cryptocurrency exchange trader. As a result, we will proceed with preparations for the provision of a virtual currency trading service that can be used with the highest priority on safety and security for the domestic market,” it said (via online translation).

In July 2018, Line launched its first cryptocurrency exchange, BITBOX, which is based in Singapore. BITBOX, however, is not available in the United States and Japan.

With the recently acquired license, the company is now cleared to launch a cryptocurrency exchange in Japan. Previous reports suggested that LINE would launch exchange operations in the country under the name “BitMax.”

Last year, LINE also announced LINK token and its first blockchain network, LINK Chain. BITBOX is the first exchange to list LINK and is also the token’s sole distributor.

Earlier in January this year, Japanese financial holding company Nomura signed a memorandum of understanding (MOU) with LINE and LVC Corporation to discuss establishing a blockchain-based financial business alliance. More recently, LINE Pay partnered with payments behemoth Visa to create new financial services experiences for their collective user base.

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