According to the official announcement made on June 28, Japan’s popular messaging app LINE is all set to launch its own crypto exchange Bitbox in July. LINE says that the Bitbox will be based out of Singapore owing to the ongoing regulatory compulsions in Japan and the USA.
From the very time of its launch, Bitbox will allow customers to trade over 30 top-most digital currencies at a nominal fee of just 0,1%. LINE says that the list was chosen “through a rigorous review by a listing committee composed of experts.”
However, Bitbox won’t be available to the residents in the U.S and Japan. This is because of the harsher and stricter regulations recently imposed by the Japanese Financial Service Agency (FSA), LINE was unable to secure the required license in order to offer their services in Japan. The same issues go for the USA customers.
Another important part of tht announcement is that Bitbox won’t be supporting any type of fiat-to-crypto transactions and will allow customers to trade only in crypto-to-crypto. The exchange will support 15 languages excluding Japanese.
Amid the growing involvement of the regulatory body in the crypto space, LINE has expressed some hope saying that it is taking all efforts to get an official license from the FSA.
“The application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency (FSA), and it is currently under review,” – said the company.