Yahoo Japan Plans To Open Crypto Exchange
Yahoo Japan is reportedly planning on launching its own cryptocurrency exchange in the country within the next year.
According to Nikkei Asian Review, the Japanese branch of Internet giant Yahoo will begin an acquisition of BitARG Exchange Tokyo in April and will spend the next year using BitARG’s technology to build a full-fledged exchange that will launch in 2019.
Yahoo Japan will purchase the 40% shares in BitARG through YJFX, which is a Yahoo-owned forex transaction platform. The 40% stake will cost the company 2 billion yen ($19m USD). Engineers and executives from YJFX would be sent to BitARG to develop the new exchange system of Yahoo Japan, which would be powered using existing toolset and infrastructure of BitARG.
However, in a notice posted to the bitARG website, Yoon Hee Yuan, bitARG’s representative director, refuted Nikkei’s report on the matter. Yuan said the exchange is studying partnerships and investment possibilities with companies but have not made any concrete decision yet.
“Based on the recent developments in the virtual currency industry, we are studying various possibilities, including investments and partnerships with other companies, in order to further strengthen our system and management, but we have not made any decisions at present,” said Yuan.
Following the shutdown of crypto exchanges in China, Japan emerged as an important center for cryptocurrency trading in Asia. The JPY/BTC trading pair accounts for more than 66.13 percent of all daily bitcoin trading volume, lending the Japanese market a significant amount of influence over cryptocurrency price trends.
Since the hack of Japanese exchange Coincheck in January, the Financial Services Authority (FSA) has ramped up enforcement of the cryptocurrency trading industry. Earlier this month, the FSA issued punishment notices to several crypto exchanges and forced others to halt business.
Last week, the FSA warned Binance, the world’s largest exchange, that it must either obtain a license or cease operating in the country.
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