Yahoo! Japan Plans To Launch Crytocurrency Exchange




Yahoo


The Japanese internet giant Yahoo! is preparing to launch its own cryptocurrency exchange in
April 2019 or later" local media Nikkei Asian Review reports on March 23. Despite cryptocurrency's recent price dip, tech firms and entrepreneurs continue to invest in what they hope will be the next big currency exchange.


According to Nikkei Asian Review, Yahoo! Japan will buy 40% of BitARG Exchange Tokyo next month, and immediately dispatch executives to lay the foundations for the exchange to launch a year later.

The purchase of BitARG shares will be made through Tokyo's YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services," the publication reports, adding that the 40% stake will cost the company 2 billion yen($19 mln).

Since the $533 million hacks of Japanese exchange CoinCheck in January, Japan has passed regulations making the exchange of crypto more favorable to companies. Yahoo! Japan is now joining several other mainstream companies investing in the industry and developing their own cryptocurrency exchanges.

BitARG has held its license from federal regulator the Financial Services Authority (FSA) since December 2017, this so far extending only to Bitcoin trading, local news outlets reported at the time.

The FSA meanwhile made headlines in cryptocurrency of its own just on Thursday, March 22, after Nikkei claimed the FSA was seeking to ban the world's largest exchange Binance for failing to register as an operator.

Given the rapidly increasing competition, Yahoo!  Japan is planning a fast turnaround on getting the acquisition ready for use. The tech firm will begin its acquisition of BitARG in April and expects to launch it as a full-fledged exchange in 2019.


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