Taotao, a Yahoo! Japan-backed crypto exchange has confirmed that it would go live on May 30. Pre-registrations on the platform began on March 25. The exchange’s approved trading activities will kick off with select crypto coins.
The exchange made this announcement through its official Twitter account noting,
[Notice of Opening Date] We have been waiting for Moth the service of virtual currency exchange “TAOTAO” to be launched from noon (plan) on May 30, 2019! Please wait for a while until the sales start.
According to a report, Taotao will roll out trading in bitcoin (BTC) and ethereum (ETH) at the start. These two coins would serve as the exchange’s base currencies. On top of this, the platform has plans to offer leveraged positions on bitcoin cash (BCH), litecoin (LTC) and Ripple’s XRP.
Yahoo! Japan Hops on the Crypto Bandwagon
Yahoo! Japan’s first solid move into the crypto sector comes after BTC’s rally, which saw the coin come close to reaching $9,000. This bullish momentum caused some exchanges to struggle to meet the increasing demand.
The internet giant acquired 40 percent of Taotao’s shares through its subsidiary dubbed “YJFX”. The purchase was made in March last year and it elicited mixed reactions from the Japanese market. The firms were keen not to disclose the amount involved in the deal. However, reports noted that the acquisition involved JPY 2 billion (approximately $19 million).
Crypto Regulation in Japan
This news comes at a time that Japan’s financial regulator, the Financial Services Agency (FSA) seeks to tighten its grip on crypto exchanges. Reportedly, the entity is working to step up AML standards on crypto exchanges.
On top of this, the watchdog is probing major crypto exchanges in the country after Coincheck’s hack, which involved the loss of $530 million worth of NEM tokens. The FSA visited Huobi and Fisco to check whether the exchanges had effective internal supervision, customer protection, and AML measures.
It is also now mandatory for Japan-based crypto exchanges to obtain an operating license from the FSA. Taotao is one of the few exchanges that got a license from the FSA to list crypto against fiat. The Japanese cabinet also approved draft amendments to Japan’s financial instruments and payment services laws. This move is set to place crypto margin trading rules at par with those of the forex sector.
Do you think Yahoo! Japan’s foray into the crypto sector will encourage other mainstream organizations to make crypto investments? Let us know in the comments below.
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