The launch of Facebook 's Libra project has sparked debate after debate. Companies are taking inspiration from it and are also building cryptocurrency trading options into their apps. One of them is Japanese messaging company Line Corp.
As mentioned, this feature will be called BitMax. It will allow 80 million users in Japan to manage cryptocurrenciessuch as Bitcoin and Link, which is Line's currency.
The fact is, however, that Line is not the first to attempt to introduce cryptocurrency in Japan. Other apps that have tried have failed at some point in their development, taking their customers' money with them. The most recent incident concerns Coincheck , which had $ 530 million stolen and Russia appears to be responsible .
Japan’s next step was to regulate how would operate in the country. Once the necessary steps were taken, Japan’s Financial Services Agency (FSA) approved the introduction of cryptocurrency into the country.
However, cases of money laundering (via cryptocurrency) from illegal activities were soon observed. This movement continued at the end of the year. In fact, during the last three months of 2018, financial regulators received more than 1,000 cryptocurrency-related cases, taking the total for the year to 7,096.
The following April, the Financial Services Authority (FSA) had to deal with two cryptocurrency exchanges by enforcing anti-money laundering rules.
Line Corp seems to be really interested in this new venture and is doing everything possible to establish itself in the Japanese market. If these efforts are indeed based on real motives, it will have to convince the admittedly difficult public in the country and regain its trust. Especially, with its well-known history in cryptocurrency.
