Residents of Japan will not be able to use the Link tokens, which the corporation announced a few days ago. Such a restriction is imposed due to the lack of a license of the local regulator.
Earlier, the popular Japanese messenger Line, whose number of users exceeds 200 million people, announced the launch of its own public blockchain Link Chain and cryptocurrency called Link.
Link will issue 1 billion tokens, of which 800 million will be distributed among users, and 200 million will remain at the disposal of the company. Tokens will act as an incentive for users involved in creating d-apps based on the Link Chain network.
The first two applications on the messenger blockchain will appear in September. Token Link will be added to its own Bitbox Exchange also in September. In the future, tokens will be used for payment purposes within the existing Line Messenger ecosystem.
However, the Bitbox Exchange has not yet passed the licensing of the Japanese regulator, so residents of the messenger’s home country cannot use it. At the moment they can purchase the so-called Link Point, which will be exchanged for full-value cryptocurrency assets after the launch of the exchange in Japan.
The situation in the country of the rising sun may change if the BitBox Exchange will undergo appropriate licensing procedures that meet the requirements of the Japanese Financial Services Agency (FSA).
WHY IS IT IMPORTANT?
- It is worth noting that 75 million monthly active Line users live in Japan. It is logical that many investors believe that the inability to use cryptocurrency by residents of the country can cast doubt on the utility of such a token.
- FSA tightened the requirements for obtaining a license after a major hacker attack on the Coincheck exchange, the losses from which exceeded $400 million. Hacking forced the authorities to reconsider the principles of the operation of crypto exchanges in order to comply with the regulations.
Earlier it became known that the largest Japanese bank MUFG is testing the use of cryptocurrency. In the main building of Mitsubishi UFJ Financial Group there was a store in which purchases are paid exclusively by cryptocurrencies. To do this, you need to show the cashier a QR code on your smartphone and that's it. In addition, employees can exchange money using MUFG Coin. For convenience, the value of the coin is equal to the Japanese yen as 1 to 1.