Japan's messaging app Line to launch its own cryptocurrency exchange

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Japan's messaging app Line to launch its own cryptocurrency exchange

Japan is the first country to legalize cryptocurrencies and to regulate the activities of the cryptocurrency exchanges. According to reports the application is now under review.

The information technology (IT) industry at home and overseas expects that Line will link the digital currency trading function with its various platforms like simple payment service Line Pay.

According to the announcement, previous year Line Pay saw significant growth, with its global annual transaction volume exceeding JPY 450 billion ($4.1 billion) and its user base exceeding 40 million registered users.

Line moved into crypto-currency territory by creating a new company, Line Financial Corporation.

"Going forward, LINE will use this new company as a base as it proceeds with preparations to provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance - all from the LINE app".

It has also drawn into focus Japan's approach to regulating cryptocurrency exchanges.

Chances are if you don't live in Asia, the LINE messenger app might not be one that's familiar to you, but over in Asia, especially in markets like Japan, Korea, and Thailand, the app is huge where there are actual cafes dedicated to the LINE characters that appear in the app as stickers and emoticons.

Bloomberg reports that Line is also planning to expand its services into Hong Kong and Luxembourg and this would make the new cryptocurency exchange the one with the largest potential customer base.

The biggest chat app in Japan, LINE has made the announcement that it is introducing its own cryptocurrency. The hack is considered to be the biggest in the history of cryptocurrencies.

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