On September 6, LVC Corporation, a group company of LINE Corporation (securities code : 3938), which is one of Japan’s leading SNS service providers, and is engaged in LINE’s cryptocurrency and blockchain-related business, completed registration as a cryptocurrency exchange as required under the Payment Services Act.

 

In its press release, LVC stated that it has established an operational structure pursuant to the screening procedures for an application to be newly registered as a virtual currency exchange service provider, which is stipulated by the Financial Services Agency (FSA), and completed registration as a cryptocurrency exchange.

 

Previously, another LINE Group company, LINE TECH PLUS PTE. LTD., launched BITBOX, a global cryptocurrency exchange operating outside Japan and the United States, in July 2018. Following registration of LVC with the FSA, LINE will prepare to provide services to customers in Japan.

 

With the addition of LVC, the number of companies registered as cryptocurrency exchanges with the FSA in Japan has reached 20. Competition in Japan is expected to intensify in the future.

 

*This article was written by Fisco.