The Japanese subsidiary of the giant Yahoo plans to launch a cryptocurrency trading platform "in April 2019 or later," according to local media Nikkei Asian Review.
Yahoo Japan could open cryptocurrency trading platform
Yahoo intends to acquire the BitArg Exchange Tokyo platform next month. BitARG will be fully operational in April 2019, with a 40% buyback that will cost around two billion yen (15.37 million euros).
BitARG is a company licensed by the Financial Services Agency (FSA), a Japanese financial regulator . The acquisition of BitARG sharesby the Japanese subsidiary would be via YJFX, a Yahoo forex trading platform.
Japan is in favor of cryptocurrencies
The news comes as the FSA is stepping up its efforts to ensure security in cryptocurrency trading.
Adequate procedures must be put in place to ensure that investors' assets are protected, certainly since Coincheck, a Japanese stock exchange, has been the victim of massive piracy in the cryptocurrency industry. A total of $ 530 million in NMS had been stolen.
The acquisition of Yahoo Japan will include both newly issued shares and shares already outstanding. Starting next month, YJFX engineers and executives will begin launching the new cryptocurrency exchange while designing corporate governance, security and customer management systems.Japan has become a major player in the cryptocurrency market, following the closure of the Chinese stock exchanges in September 2017. The country is still an important pillar in the virtual currencies industry, in addition to its licensing system. he introduced last year.
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