"With regard to the virtual currency related business, the application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency, and it is now under review", the press-release reads.
Japan's Line Corp plans to launch a cryptocurrency exchange, a move that comes as regulators investigate such exchanges in the country after hackers stole $530 million in digital money from Coincheck in one of the world's biggest cyberheists.
The cryptocurrency will be incorporated into the existing LINE in-app mobile payment service. Line Financial is an attempt by the parent company to further strengthen its position in the fintech sector.
As per an official statement by LINE "The company will provide a variety of financial services, including a place to exchange and transact virtual currencies, loans, and insurance".
Despite a current downturn in the markets and the mass dissemination of FUD by mainstream media the interest in crypto remains strong.
Moreover, the company will facilitate research and development of innovative technologies, such as blockchain.
Line, one of the most known messaging apps in the world, has chose to launch its own cryptocurrency exchange.
According to the announcement, previous year Line Pay saw significant growth, with its global annual transaction volume exceeding JPY 450 billion ($4.1 billion) and its user base exceeding 40 million registered users.
"With regard to the virtual currency related business, the application process for registration as a virtual currency exchanger has already been started with the Financial Services Agency, and it is now under review". In comparison crypto exchange Coinbase only has around 13 million registered accounts and trading brokerage Robinhood around 3 million.