Line Pay will launch a cryptocurrency service

nRunaway Comment: It has been reported before that Japan’s communication software Line may be encrypted currency into its payment system. At present, this news has been confirmed is not without foundation. Because Line has set up a financial company focused on providing digital money services to its users while also conducting blockchain research. Although the company is still in the registration phase, Japan’s more aggressive cryptocurrency atmosphere suggests that the company should be able to pass the review and start its business smoothly.n
nTranslation: Inan
Operators at Japan’s Communications Applications Line have announced the formation of a new company to provide digital money services.n
The new company, called Line Finance, will provide a platform for digital currency trading, insurance and loan operations.n
The aim of Line’s move is to have a place in the financial business, and its new company will promote technology research and development such as blockchain.n
The company’s cryptocurrency services will be provided via Line Pay, Line’s mobile payment and transfer application. Last year, Line Pay’s annual transaction volume reached about 450 billion yen (4.1 billion U.S. dollars) and its registered user population was 40 million.n
According to Line, the new company is currently awaiting the approval of the Japanese authorities.n
Its press release said:n
n”The application process for registering a new company as a virtual currency exchange through the Japan Financial Services Agency (FSA) has begun and is currently under review.”n
nLast year, Japan implemented a series of rules designed to encourage the development of the industry while protecting consumers, and it has now become one of the most environmentally friendly places in the world for crypto-currency.n
It is worth noting that Japan formally considered Bitcoin as a legal payment method last spring. Six months later, the Japan Financial Services Agency began issuing operating permits to the Cryptocurrency Exchange.n
It is not the only Line application that hopes to provide a place for cryptocurrency. Last September, social media platform Kik distributed its own cryptocurrency via its ICO (which raised $ 9.8 million). At that time, the company said the move helped to achieve long-term business goals.n
Revolut, a mobile banking startup, provided Bitcoin-related services in June last year and added support for Litecoin and Ether in its apps in December.n

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