- YJFX, a subsidiary of Yahoo in Japan, has released a new Cryptocurrency Exchange, ‘TaoTao.’
- Rakuten, the Japanese E-commerce Giant successfully completed the registration for a new cryptocurrency Exchange.
TaoTao Exchange Begins Pre-Registration Campaign to Attract Customers
The TaoTao Exchange will begin operations in May. However, Pre-registration for the exchange has already started from 25th March 2019 and will last till April 17, 2019. Through the Pre-Registration campaign, the Exchange will provide 1000 yen or $9.09 as a bonus to customers. There is also a ‘lottery campaign’ for high rolling traders above 250,000, 500 of them stand a chance to win 10,000 yen or $90.9.
The Exchange was initiated last year in April is BitARG Exchange. YJFX, the subsidiary of Yahoo, had reportedly acquired a 40% stake in the BitARG Exchange for $19 million.
The Exchange will begin with a limited number of cryptocurrencies; FIAT-crypto conversion will begin only in Bitcoin (BTC) and Ethereum (ETH). The margin trading will be facilitated for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH).
Taotao is registered with the Financial Services Agency as a ‘virtual currency’ company. It procured the license from the agency in early 2019.
Rakuten Registers a New Exchange
The Japanese E-commerce Giant, Rakuten, has acquired a license to open a cryptocurrency Exchange in Japan. The subsidiary of the E-Commerce Giant, Rakuten Wallet Co. Ltd. successfully completed the registration process on 25 March 2019.
The head office for the Exchange will be in Setagaya-ku, Tokyo. Tatsuya Yamada is elected as the President of the exchange. The Exchange will go live next month possibly before the Yahoo backed TaoTao Exchange.
The other popular Exchanges in Japan are Coinmama, LocalBitcoins, BitFlyer, and Kraken. While virtual currency is a legal form of exchange in Japan, Exchanges are required to follow the KYC and AML Compliances.
The Financial Regulatory authority in Japan is more lenient towards cryptocurrency adoption than most developed nations. Moreover, the niche for Bitcoin and cryptocurrency is highly developed in the nation which influences the Institutions to adopt the growing technology.
Rakuten had added cryptocurrency payments earlier this year. Yahoo too recognized cryptocurrencies as a major classification in its Tech and Business news and updates.
Do you think other Institutions would also take a cue from this and move towards cryptocurrency adoption?
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Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com