Once Google’s competitor Yahoo, more specifically their Japanese office, recently bought-out 40% of Tokyo-based exchange BitARG in order to build a new cryptocurrency focused exchange market using BitARG’s technology.
The internet company will purchase the BitARG shares through its sub-label YJFX, a Tokyo-based forex platform. The stake will cost the firm around 2 billion yen ($19 million), according to Nikkei Asian Review.
After the purchase, a combined effort from both YJFX, and BitARG specialists will plan a renewed exchange market with modern technologies, design, and security. The project is believed to be finished approximately in April 2019.
The main reason for the deal might be the fact that BitARG is already licensed by Japanese financial regulator, the Financial Services Agency (FSA), the report says, and is expected to receive further investments from Yahoo Japan early next year.
Regulations are something you can’t skip in Japan – not after the historical Coincheck hack. Yesterday Asian Nikkei Review also stated that the Japanese FSA was seeking to ban world’s largest cryptocurrency exchange market Binance for failing to register as an accredited operator under the new license.
Changpeng Zhao, Binance CEO has refuted the reports, which caused Bitcoin prices to drop up to 5% last night, March 22.
However, today, March 23, Zhao confirmed that the exchange is looking to relocate to Malta, calling the island nation “very progressive when it comes to crypto and fintech.”
Japan may have been left behind in technological advancement and patents as of this year to its western Asian sibling China, but it strives to maintain a high-level financial presence on the global scene.
The far-east country is one of the first to implement Bitcoin in everyday stores and even pay some of its employees in BTC – therefore strict regulations and tight financial protocols are created almost out of necessity, in order to keep things under control.