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Yahoo Japan enters the market with $20 million and plans to open a cryptocurrency exchange

According to local media reports, the Japanese branch of Internet giant Yahoo! is tentatively setting up a cryptocurrency exchange in April 2019.

Yahoo Japan will buy 40% ownership of BitARG, the Tokyo-based cryptocurrency exchange, next month. It will then immediately appoint a senior management team to manage the exchange and lay the groundwork for its launch one year later.

According to reports, buying 40% of the shares will cost Yahoo Japan 2 billion yen (that is, 19 million US dollars):

YJFX, Yahoo's wholly-owned subsidiary, will be responsible for buying BitARG shares. YJFX's main business is foreign exchange trading services.
Japan’s cryptocurrency exchange market regulation has only just begun. Yahoo’s plan has further brought confidence to Japan’s cryptocurrency market.

Japan began issuing cryptocurrency exchange licenses in April last year. Currently, 16 transactions have been licensed to serve the Japanese market, including industry giants such as the SBI Group.

BitARG received a license from the Financial Services Agency (FSA) in December last year and its main business is still bitcoin transactions.

While regulating the cryptocurrency market, Japan also began to strictly monitor the exchange system. Due to the theft of Coincheck, the Financial Services Agency began to review the national exchanges and warned several exchanges, and even asked two of them to suspend operations.