As the world becomes more aware of cryptocurrencies and the multiple applications of the blockchain technology, lawmakers and companies are trying to find ways to integrate them into existing systems and business models. For example, multiple companies have already joined the trend and have launched their own coin or token. Other famous financial entities have launched their own exchange in the hopes of not missing out on the crypto movement that is taking the economy by storm. This is now the case for Yahoo! Japan, which has just announced that they could open their own digital currency exchange by 2019.
Nikkei has reported that Yahoo! Japan, the Japanese division of the American Internet giant, is hoping to open its own crypto exchange within a year, by April 2019. The firm is already hoping to finalize its partial acquisition (40%) of cryptocurrency exchange BitARG Exchange Tokyo next month and wants to use this as a start towards building its own platform. This exchange is one of the rare few that obtained a license from the Financial Services Authority in Japan. The regulatory entity is extremely careful in vetting new exchanges and only 16 of them are currently allowed by the Japanese government.
Cryptocurrencies are huge in Japan and are gaining more and more momentum as days go by. The population is very enthusiastic about the new digital currencies and the blockchain technology. A good testimony to how popular virtual currencies are in the country is the number of exchanges that are waiting for government approval, which is apparently close to a hundred. In addition, large stores like Bic Camera and Yamada are accepting Bitcoin as a payment, and one of the main bank MUFG launched its own coin. It therefore makes sense for Yahoo! Japan to want to open its own exchange as the Japanese market offers a lot of potential.
Will Yahoo! Japan become one of the main actors in the crypto space in Japan in the near future? Will its exchanged be approved by the FSA? The Japanese subsidiary of the American company sure hopes so and is working hard to make its new crypto venture successful.
TLDR: Yahoo! Japan is hoping to launch its own cryptocurrency exchange by April 2019. To do so, it will partly acquire existing exchange BitARG and hopes to be approved by the FSA when the time comes.