Japan has one of the most vibrant cryptocurrency industries in the world. The government has put in place regulations that foster growth of the industry. Taotao, a cryptocurrency exchange platform that will be based in the country has confirmed that it will start offering trading services on May 30th.
Taotao Cryptocurrency Exchange Launch
Through a social media update, Taotao exchange team announced that the platform is finally ready to go live on May 30th. Notably, 40% of the exchange platform shares are owned by Yahoo! and the two main cryptocurrencies that will be traded on the platform immediately after the launch are Bitcoin (BTC) and Ether (ETH).
Reports indicate that margin trading in Bitcoin Cash (BCH), XRP, and Litecoin (LTC) will also be possible on the platform. The process of setting up Taotao has taken more than a year. In the 40% equity deal, Yahoo is rumored to have paid the exchange 2 billion yen.
The exchange was initially going to be launched in mid-May, but those planned were dropped at the last minute and without any statement from the company. The current cryptocurrency bull run that has resulted in a sharp increase in prices of various cryptocurrencies such as Bitcoin has fuelled Japanese investors’ zeal to get involved in the cryptocurrency industry. Just last week, a number of domestic cryptocurrency exchange platforms reported a threefold increase in the number of new account openings.
Taotao Cryptocurrency Exchange Aware of Security Threats
Even as Taotao makes the final plans to launch, the company is aware of the increased risk of hacking in the country. They have assured the target customers that the system is secure and a security and monitoring team will be working around the clock to ensure that no hackers are able to access user’s accounts.
Japanese regulators have also put in place new measures that will give them more control over the cryptocurrency market following several hacks last year that caused uproar both online and offline. One hack that shocked many is Coincheck loss of cryptocurrencies worth more than half a billion dollars.
Japanese Financial Services Agency has also announced that it will start reviewing all Anti-Money Laundering activities as it prepares for the international inspection that will be carried out by Financial Action Task Force. Binance, one of the largest cryptocurrency exchanges in Japan has also hinted about launching margin trading as part of an update to prevent another hacking incident. The exchange was recently hacked and cryptocurrencies worth millions of dollars lost without a trace.
Taotao cryptocurrency exchange launch will have a major impact on Japan ballooning cryptocurrency industry. The bullrun favours the launch and we expect hundreds of people to open accounts and use the platform. Read more cryptocurrency news here.