Yahoo! Japan to Open a Crypto Exchange
Yahoo! Japan has announced its own crypto exchange that is to be launched in the fall of 2018.
Following the recent suspension of more crypto exchanges within Japan, Yahoo! took several measures to ensure a successful start. They negotiated with Bitrag, an exchange that is licensed by the Financial Services Agency. Yahoo! Japan also acquired a 40% stake from the Bitrag.
In March, Bitrag has denied any cooperation related to Yahoo! Japan’s investment plans, but as of April 13th, Bitrag has confirmed the acceptance of a Z Corporations investment, which is a subsidiary of Yahoo! Japan.
The exchange has been operating since May 2017 but has suspended their activity after only three months of trading. In December 2017, Bitrag received its license from Japan’s Financial Services Agency, which allowed them to trade Bitcoin. However, Bitrag has since not given any statement about resuming their service.
The Financial Services Agency has tightened the regulations for entering the crypto space. After the hacks on crypto exchanges in the recent months, it will be harder for companies to receive FSA approval.
Since 1996, Yahoo! Japan has been working to keep their top position in the country’s Internet industry. Unlike in the west, Yahoo! is still one of the most used search engines in Japan. It is also one of the market leaders in the e-commerce branch, along with Japan’s number one, Rakuten. Their entering in the crypto space might impose new headlines in the corporative competition.