While the majors like Facebook, Twitter and Google apply restrictions in their advertising policies on cryptocurrencies, Yahoo Japan prepares to open an exchange of cryptocurrencies in Japanese territory.
Yahoo! Japan Corporation, a subsidiary of Yahoo! and SoftBank Group, will enter the cryptocurrency industry with the launch of an exchange in April 2019, according to the Nikkei Asian Review, acquiring 40% of BitARG to launch the Exchange in 2019.
BitARG Exchange Tokyo is a stock exchange approved by the FSA that operates in Japan. The Financial Services Agency (FSA) has already been notified about the investment plan. Bit Arg Exchange Tokyo is one of the 16 cryptocurrency exchanges in Japan with an FSA license, issued in early December 2017. There are another 16 operators with pending licenses.
One year after the acquisition of Bit ARG Exchange Tokyo next month, in April 2019, Yahoo! Japan plans to launch its own exchange, newly built but based on the BitARG system.
Yahoo! Japan will buy the shares of BitARG, which correspond to 40 percent of the capital, through YJFX of Tokyo, a retail currency broker founded in 2003 and fully owned by Yahoo! Japan Corporation.
The financial services firm will pay approximately 2 billion yen ($ 19 million) for the 40 percent stake in BitARG, consisting of outstanding shares and newly issued shares. As of April 2018, several YJFX executives and engineers will focus on the development of the new exchange system at the BitARG headquarters.
Now, the importance of registering with the FSA has become paramount. The mini-crash on rumors that the FSA would order Binance to conduct a major exchange to stop operations while waiting for a license is an example of nervousness in the market.
After the theft of Coincheck, worth $ 533 million, the FSA has already suspended two commercial exchanges and fined others, including Coincheck.
YJFX, the forex retailer owned by Yahoo! Japan Corporation will be responsible for the launch of the cryptocurrency exchange.
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