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MARKETS LIVE BLOG:

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Japanese messaging giant LINE wins crypto exchange license from regulator

Yogita Khatri

Japanese messaging giant LINE has just received a license to operate the cryptocurrency exchange business in the country.

Japan’s Financial Services Agency (FSA) granted the license to LINE’s blockchain unit LVC Corporation on Friday. The approval will allow the firm to offer cryptocurrency trading services to its over 80 million users.

Back in June, there were reports that LINE is close to getting the license for its platform called BitMax in Japan. This is now LINE's second cryptocurrency exchange, having launched Bitbox in Singapore in July 2018.

The Japanese platform BitMax has been approved to offer trading in five cryptocurrencies - bitcoin (BTC), ether (ETH), bitcoin cash (BCH), litecoin (LTC) and XRP, according to the FSA’s announcement.

LINE's unit becomes one of twenty licensed cryptocurrency exchanges in Japan, which include recently approved Rakuten Wallet, as well as older players such as Coincheck and SBI VC Trade, among others.