Yahoo Japan is preparing to launch its own exchange of digital currencies, local media reported.
Nikkei Asian Review reports that the technical firm – originally a joint venture between Altaba (formerly Yahoo!) and Softbank – will acquire shares of BitARG Exchange Tokyo. In April next year, they plan to launch their own crypto-currency platform.
The first investment of Yahoo Japan in the amount of about 2 billion yen (40% of the company's shares) will be carried out by its subsidiary company YJFX. BitARG already has a license from the Financial Services Agency (FSA) to operate as a trading crypto currency platform.
Yahoo Japan will then make further investments in BitARG through other subsidiaries during the next calendar year.
Not only Yahoo Japan seek to open crypto-currency services in Japan
Japan has become an important center for crypto-trade in all of Asia, as China began closing stock exchanges in the country.
Financial group Mitsubishi UFJ Financial Group (MUFG), Japan's largest financial institution, is also preparing plans for creating a crypto-currency service.
Line, a Japanese chat application with more than 600 million registered users, also announced earlier this year that it plans to create a crypto currency exchange that will work not only in Japan, but also in Hong Kong and Luxembourg.
In addition, the Japanese banking group SBI intends to launch its own stock exchange. However, recently it delayed the launch in order to strengthen its security measures. This became necessary after the FSA regulator strengthened its control over such platforms.
Author: Olga Novikova, Analyst Freedman Club Crypto News
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