Line’s blockchain network has been approved by Japan’s Financial Services Agency (FSA) to run a crypto exchange in the country. Line received the license under the country’s Payment Services Act. Now the company can offer crypto trading pairs with Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and XRP.
The company said that LVC has been preserving to produce a sound business plan and provide secure service in accordance with the Financial Service Agency’s guidance.
LVC corporation is already operating the crypto exchange BitBox since July 2018 but due regulatory issues its services are not available in Japan and the USA.
In an official statement Line said that LVC is now listed in FSA’s official registry of virtual currency exchange service providers. However, the company did not mention any date since when its services will be available. Line will launch the exchange for its 80 million Japanese user base, allowing them to buy and sell cryptocurrencies on the new exchange Bitmax.
Japan has taken a positive stance on the blockchain and crypto along with LVC Japanese regulator has granted permission to 20 other companies to run crypto exchanges in the country.