Regulatory Hurdles Prevent Japanese Customers From Using LINE’s New Cryptocurren

[Zurcemozz]

Line’s BitBox Exchange yet to Receive Licensing from Japanese Authorities
Because 75 million of Line’s monthly active users are based in Japan, many investors feel that the ban on Japanese customers from using Link could undermine the utility of the cryptocurrency. This could change, however, in the near future if Line’s cryptocurrency exchange, BitBox, receives proper licensing from the Japanese Financial Services Commission (FSA), who has yet to inspect and approve the exchange.

The FSA has been clamping down on cryptocurrency exchanges following the $500 million Coincheck hack that occurred earlier this year. The hack highlighted the need for greater regulatory scrutiny on exchanges by authorities. Since then, the FSA has significantly increased their requirements for exchange licensing and are now conducting on-site inspections of applying exchanges.

If approved, the Singapore based exchange will be able to open its doors to Japanese Line users, who will be able to buy and sell their Links. Currently, however, those residing in Japan will still be able to gather a Link alternative, called Link Point, which will be exchanged to Link once BitBox receives licensing.

Readmore : https://www.newsbtc.com/2018/09/04/regulatory-hurdles-prevent-japanese-customers-from-using-lines-new-cryptocurrency/