According to local media reports, the Japanese branch of Internet giant Yahoo is tentatively establishing an exchange of cryptocurrencies in April 2019.
Yahoo Japan will buy next month 40% ownership of BitARG, the exchange of cryptocurrencies based in Tokyo, and then immediately appoint a management team to manage the exchange and lay the groundwork for its launch a year later.
According to reports, the purchase of 40% of the shares will cost Yahoo Japan 2 billion yen (that is, 19 million US dollars):
YJFX, a wholly owned subsidiary of Yahoo, will be responsible for buying BitARG shares. The main business of YJFX are forex trading services.
The regulation of the cryptocurrency exchange market in Japan has barely begun. Yahoo's plan has brought more confidence to the cryptocurrency market in Japan.
Japan started issuing cryptocurrency exchange licenses in April of last year. Currently, licenses have been granted to operate in the Japanese market, including industry giants such as the SBI Group.
BitARG received a license from the Financial Services Agency of Japan (FSA) in December last year, and its main activity is still Bitcoin transactions.
While regulating the cryptocurrency market, Japan has also begun to strictly monitor the exchange system. Due to the theft of Coincheck, the Financial Services Agency began to review national exchanges and warned several exchanges, and even asked two of them to suspend their operations.
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