The company behind Japan’s messaging application Line is planning to launch a cryptocurrency exchange, the company said. It has already filed an application with the Financial Services Agency (FSA) and it is currently under review.
Line has over 70 million users in Japan alone, but is also very popular in Indonesia, Thailand and Taiwan. According to the company announcement, the plans are to expand the features of the chat application to include exchange service for cryptocurrencies, as well as transfers and payments.
Bloomberg reports that Line is also planning to expand its services into Hong Kong and Luxembourg and this would make the new cryptocurency exchange the one with the largest potential customer base.
Japan is the first country to legalize cryptocurrencies and to regulate the activities of the cryptocurrency exchanges. It is the largest cryptocurrency market by volume and is home to some of largest platforms like bitFlyer, Coincheck, Zaif and Quoinex.