Japan: Yahoo!-Backed Cryptocurrency Exchange Set for May Launch
Taotao, which is 40 percent owned by a subsidiary of Yahoo! Japan, will initially trade Bitcoin (BTC) and Ethereum (ETH), with margin positions available in three additional cryptocurrencies: Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP).
Prospective users can already sign up for an account and participate in a promotional giveaway scheme.
The plans originally came to light in March 2018, when Yahoo! Japan announced it would acquire a major stake in the exchange through its subsidiary, YJFX.
At the time, sources suggested the purchase had cost the company around 2 billion yen (then $19 million).
The move marks the internet giant’s first foray into the cryptocurrency exchange world, with Taotao having gained regulatory approval to launch on the Japanese market.
As Cointelegraph reported, Japan has sought to impose strict monitoring on entities wishing to launch exchanges, after several infamous hacks placed an international spotlight on the industry.
A licensing scheme appeared in April 2017, but attacks and thefts have continued. Coincheck, the victim of the largest attack involving tokens worth over half a billion dollars in January 2018, has since managed to return to the market following a buyout.
Earlier this month, new regulations gained approval, specifically relating to cryptocurrency margin trading.
By William Suberg