LINE Gets Crypto Exchange License from Japan Regulators
The crypto exchange space has evolved at a lightning speed over the past few years, and much of that is due to the fact that cryptocurrencies are now traded by a much larger pool of people. Hence, there is also a need for the creation of more crypto exchanges so that people can easily buy, sell, and trade cryptocurrencies. The rally enjoyed by Bitcoin and the wider crypto space this year has necessitated the development of many new crypto exchanges due to heightened demand.
In a new development, it has emerged that Japanese messaging service giant LINE has been awarded a license by the authorities to launch its own crypto exchange.
Japan has been one of the most progressive nations when it comes to the creation of an effective crypto ecosystem, and this year is another example of it. The path-breaking news was first reported in the Japanese edition of CoinDesk. The Financial Services Agency of Japan stated in its website that it had granted the license to the entity named LVC Corp today.
LVC Corp is the subsidiary that ultimately controls the crypto token and blockchain business that belongs to LINE. The company stated last month that it is interested in building what it terms as a ‘token economy’ and wants to use its blockchain named LINK Chain for the purpose.
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When it comes to establishing a crypto exchange, the primary headache of most exchanges is actually bringing in a substantial number of users and creating the sort of liquidity that can attract more users. It takes a lot of time to accomplish. However, in the case of LINE, it may not be that difficult.
The company already has as many as 80 million users in its messaging service, and if it can leverage a certain percentage of that user base, then the crypto exchange will have a readymade pool of users to draw from.
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