Japan plans to become known by new projects. Yahoo Japan is going to create its own crypto exchange next year, according to a report.
According to Nikkei Asian Review, the Japanese company will collaborate with BitARG Exchange Tokyo and will take 40% stake. Together, the companies are planning to open a new crypto exchange based on BitARG technology.
“In a move that may touch off a realignment in the cryptocurrency exchange business, Yahoo Japan next month will acquire 40% of operator BitARG Exchange Tokyo, then launch a full-blown exchange in April 2019 or later.”
2 billion yen for 40% stake
BitARG exchange operates under the laws in force, being licensed by the Japan Financial Services Agency (FSA). It’s assumed that early 2019, Yahoo Japan will make investments in BitARG. Yahoo will spend around 2 billion yen for 40% of shares using the BitARG’s subsidiary called YJFX– a “forex transaction” platform.
After the shares are bought, the YJFX‘s team will begin the process of creating the new crypto exchange, taking into account the technical, governmental and management details.
“Starting next month, YJFX executives and engineers will be dispatched to BitARG, where they will spend about a year developing the new exchange system. They will also work on a corporate governance structure, a customer management system and internal controls.”, according to Nikkei.
The announcement made by Yahoo Japan comes after the Financial Services Agency announced about the suspention of the world’s largest crypto exchange by sales volume, namely Binance. Thus, new companies have to focus on government details to be able to carry out legally their activities.
As reported last week, the Hong-Kong crypto exchange has received a notification letter for the reason that it’s not properly registered with state institution. The CEO of Binance Zhao Changpeng has mentioned in an interview that he is in a continuous dialogue with the agency.