Giant Japanese Social Media Network Line, with 700 Million Users, Approved to Begin Trading Its Virtual Currency in Japan

LVC Corporation, a subsidiary of LINE Corporation and manager of LINE’s digital currency and blockchain-focused ventures, recently confirmed its plans to begin trading its virtual currency in Japan by April 2020.

LINE is the company behind Japanese social media network Line, which notably has more than 700 million users. The company’s coins are reportedly issued by LINE Tech Plus, which is a subsidiary of LVC and LINE.

After the launch of the cryptocurrency on Line’s digital currency exchange, BitBox, in October of 2018, LINK has been available to users throughout the world, except for traders based in Japan and the US because of regulatory restrictions.

LVC’s management noted that it has been planning to introduce its crypto coins in Japan, in accordance with the nation’s Virtual Currency Exchange Association’s “official process to handle new digital currency.”

LVC is presently designing a new system in order to prepare for LINK’s launch in Japanese markets. The coin’s official release date will be confirmed through a separate announcement after it has been determined by the firm’s management.

Additionally, a separate announcement will be made once the handling of LINK on the BITMAX cryptocurrency exchange (also owned by LINE) has been confirmed, along with other details.

It’s work noting that Line’s cryptocurrency has not been listed on any major crypto exchange. Most of the trading volume on the company’s BitBox exchange comes from Bitcoin (BTC) and Ether (ETH) trading, and not its native token.

Other giant social media networks such as Facebook and Telegram are involved in their own respective cryptocurrency projects, but have faced significant challenges due to regulatory pressure.

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