LINE Becomes An Industry Leader In Cryptocurrency
Last updated on November 1st, 2022 at 04:41 pm
Several big-name firms have entered the crypto space in 2019 and the adoption of blockchain and digital assets has been fast-tracked.
Companies such as IBM and Microsoft have announced significant projects that will involve groundbreaking technologies. These tech firms have entered the blockchain space in a bid to align their business models to accommodate emerging technologies.
One of the most significant crypto projects that has made waves over the year is Facebook’s Libra. The social media giant announced that it would be coming together with a group of big companies to create a digital asset that will be used for trade across the world.
Companies such as Uber, PayPal, MasterCard and Spotify are a part of the Libra Association that is working on the development of the digital asset.
Major companies such as Wells Fargo and JPMorgan are also working on developing cross border payment systems that make use of digital assets.
It is quite evident that the asset class is gaining recognition and who knows, the mass adoption of cryptocurrencies could be closer than most anticipate.
LINE Leading the Pack
Japanese messaging giant, LINE, is one of the major companies in the world that is making huge strides in the use of blockchain and cryptocurrency in its operations.
LINE became the first publicly-traded company to launch its cryptocurrency and proprietary blockchainmainnet. Recently, the company launched its second crypto exchange named BitMax.
BitMax was launched to target and serve the Japanese market that could not access the LINE’s first exchange, named BitBox, due to regulatory issues. BitMax’s services are available to over 80 million people who are currently clients of LINE. The exchange obtained approval from the Japanese Financial Services Agency (FSA), a regulator that has been known to be tough on crypto related exchanges.
The developments made by LINE have placed this firm in a leading position as the next wave of fintech approaches. The company has a crypto asset, a blockchain and exchanges, which gives it all the necessary tools to lead the mass adoption of cryptocurrency. Japan has developed frameworks to guide the use of digital assets and the country is a critical player in the global adoption of the asset class.
Regulatory Frameworks & Compliance
Regulators around the world are making efforts to accommodate cryptocurrencies within the frameworks that govern financial activity. LINE has satisfied the regulatory requirements of the FSA and the company has successfully launched its exchange in Japan.
Regulations are seen as essential by governmental as well as financial entities because they are meant to protect the individuals that will engage in crypto trading. Furthermore, it is believed that having these exchanges operating within existing financial structures encourages more people to engage with digital assets.
Businesses in the crypto industry need to continually ensure that they comply with the financial regulations in the jurisdictions they are operating in. Issues highlighted by regulators include user privacy and securities trading laws to name but a few. It is in the best business interest of crypto related firms to stay on the right side of these issues.
LINE has placed emphasis on these areas of regulatory compliance to ensure that it stays within the boundaries set by the FSA.
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