Cryptocurrency is the rave of the ogenblik, and Japan remains the crypto capital of the globe despite the latest clampdown on unregistered exchanges. Beloved Japanese internet heavyweight, Yahoo Japan, has announced plans to venture into the crazy world of crypto.
Yahoo! Japan Takes the Dive into Crypto
After several years of success ter the Japanese technology space, Yahoo Japan is looking to embark on another arousing escapade into the nascent world of blockchain technology and cryptocurrency.
The Asian internet heavyweight has hinted it would buy 40 procent stake ter BitARG, a registered Japanese exchange based ter Tokyo. This wise budge will enable Yahoo Japan to seamlessly launch its cryptocurrency exchange ter April 2019, without getting into trouble with the Japanese regulatory authorities since BitARG has already registered with the country’s Financial Services Agency (FSA).
Albeit Yahoo Japan exchange will be built from the ground-up, it could make use of some of BitARG Exchange Tokeyo’s existing systems.
Exchange Will be FSA Compliant
Since the Coincheck hack and the Zaif technical error incidence that almost gifted users $20 trillion te cryptos, the Japanese FSA has tightened its houvast on the nation’s crypto ecosystem.
Yahoo Japan has hinted it would commit more funds into BitARG Exchange Tokyo te 2019, to further boost operations. Both firms have reported the details of their fresh found business understanding to the FSA.
According to Nikkei, the acquisition of 40 procent of the shares ter BitARG will be processed by a Yahoo subsidiary, YJFX which is a rigid that deals with foreign exchange services. The overeenkomst is worth Two billion yen ($Nineteen million). For now, the stake will be comprised of the rock-hard’s outstanding shares spil well spil freshly issued stock.
The Yahoo team is wasting no time at all ter their quest to set up a world-class crypto exchange. The YJFX top officials will commence work at BitARG ter April 2018. They will begin building fresh systems, overhauling the existing ones, formulate a corporate governance structure that would be of world class standard spil well spil develop a fresh customer management system and internal controls.
Enlargening Competition ter the Exchange Market
From all indications, Yahoo Japan is not just interested te creating a regular cryptocurrency exchange. The company might just be looking to become the next largest exchange ter Japan.
On March 23, reports emerged that the world’s number one crypto exchange Binance wasgoed being warned by the Japanese regulatory authorities to get registered or leave the nation.
However, the CEO of Binance, Changpeng Zhao has claimed on Twitter that the report of the Binance-FSA faceoff wasgoed false. On that same day, the Zhao told Bloomberg that preparations were ter top gear for a fresh embark ter Malta. “We are very certain wij can announce a banking partnership there soon. Malta is very progressive when it comes to crypto and Fintech,” Zhao proclaimed.
With Binance on its way to Malta due to regulatory bottlenecks, the Yahoo exchange is te line to be the next big thing te Japan.