Yahoo Japan, the operator of one of the most reputable digital platforms in the country, officially announced that it plans to launch its own cryptocurrency exchange platform, which will be operational as of 2019.
According to report published by the Japanese news agency Nikkei Asian Review. Yahoo will purchase 40% of the commercial shares of BitARG Exchange Tokyo next month, as part of its plan to open a new platform for the marketing of crypto assets using the technology developed by BitARG.
The alliance with BitARG has strategic objectives that go beyond technological support since the Japanese firm has the license issued by the Financial Services Agency (FSA), so this would make it much easier legal transition for Yahoo at the time of performing the respective procedures to formally start their operations.
The purchase of BitARG shares will be executed through Yahoo’s subsidiary, YJFX, a platform that originally offers services in the currency transaction sector. To guarantee a 40% stake, the company will have to invest around approximately $ 19 million USD.
Once the purchase is completed, the YJFX team will begin to develop the technical and legal aspects for the new exchange platform, while at the same time working on the design of governance systems, customer administration, and computer security measures. To do this, the company’s engineers will be sent to the BitARG offices, where they will spend about a year preparing and carrying out the operational tasks to ensure the optimal functioning of the platform.
This news marks an important step for the ecosystem of cryptocurrencies since Yahoo Japan is a company that has a great reputation and experience in the multiple service areas it offers. This step could give an important purpose to trade with cryptocurrencies at the local level, motivating other national and international companies to take the step and evaluate a possible entry into this market.
This announcement comes at a key moment, as the FSA has been making important efforts to bring greater transparency and stability to commercial activities with cryptocurrencies, with special emphasis on the legal problems facing Binance, one of the most important markets in the world.
Binance received a warning from the supervising body this week, precisely because of not complying with the respective registers to operate in the country.
The trade with cryptocurrencies has been under strong surveillance these months in Japan. The CEO of Binance, Zhao Changpeng, informed the local media that a warning has been received and that the managers are working diligently with the FSA to resolve this situation.
Join the newsletter to receive the latest updates in your inbox.