Japanese messaging app Line seeks cryptocurrency exchange licence

Line creates financial subsidiary to create and provide cryptocurrency, insurance and loans services

With regard to the virtual currency related business, the company already started the application process for registration as a virtual currency exchanger, and it's now under review by the Financial Services Agency.

The cryptocurrency trading services will be integrated into Line Pay, the company's own mobile payment app.

In the midst of this success, LINE has established this new company in order to create and provide an even more revolutionary financial service. The company has applied to its domestic Financial Services Agency to be allowed to operate a cryptocurrency exchange and will launch the service as soon as it can after approval is gained.

"We should be aware of the need to balance between communicating, to beginners or inexperienced users, the value of these financial products and the risks they entail", a Line spokeswoman said. The new business will provide a way for people to exchange and transact virtual currencies, loans, and insurance via the Line app.

The company's business strategy with the new announcement appears to be one of domestic consolidation, rather than repeating its ill-fated previous attempts to expand in the United States and European markets.

The provider of a popular messaging app in Japan, Line Corporation, has announced the launch of a new company that will provide digital currency services. However, Line is most unlikely to offer cryptocurrency services in South Korea.

The app, known for electronic stickers of a brown bear and his rabbit girlfriend, is ubiquitous in Japan, Line also has a strong presence in Taiwan, Thailand and Indonesia. The funding of the cryptocurrency will be given by Initial Coin Offering (ICO).

Now messaging apps are also catching the crypto fever.

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