The Japanese internet company Yahoo is making plans to launch its personal digital currency exchange. According to Nikkei Asian Review, Yahoo will take a forty percent stake in BitARG exchange based in Tokyo subsequent month, with a plan to construct a new digital currency exchange using BitARG technology in about a year’s time.
Japan’s economic regulator already licenses BitARG, the Financial Services Agency, the record says, and is anticipated to obtain further investments from Japanese Yahoo during next year. Yahoo will buy the shares in BitARG via its subsidiary YJFX, a currency transaction platform. The forty percent stake will cost the company around two billion yen, as mentioned Nikkei Asian Review.
After the buy, a team from YJFX is expected to kick off development of the new exchange, in addition to designing systems for corporate governance, client control and protection. The information comes as issues dealing with the Binance exchange highlight the importance of registration with the Financial Servuces Agency to conduct exchange operations in Japan. However, the digital currency exchange based in Hong-Kong has obtained a warning from the economic watchdog over its lack of registration within the country.
Zhao Changpeng, Binance’s CEO, has confirmed receipt of the warning letter and stated the company is in talk with the organization. Since the $533 million hack of Japan’s exchange Coincheck in January, the Financial Services Agency has been mandating protection overhauls and cracking down on domestic digital foreign exchange systems that are yet to be registered. Early this month, the organization issued month-long suspensions for two exchanges within the country.