RATE Group | Regulatory Hurdles Prevent Japanese Customers From Using LINE’s New Cryptocurrency
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Regulatory Hurdles Prevent Japanese Customers From Using LINE’s New Cryptocurrency

04 Sep Regulatory Hurdles Prevent Japanese Customers From Using LINE’s New Cryptocurrency

Posted at 11:21h in Cryptocurrency News by

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Line Corporation, the Japanese subsidiary of South Korean internet giant Naver Corporation, announced last Friday that they will be issuing their own cryptocurrency this September. It now appears, however, that Japanese and US based customers will not be able to use the new cryptocurrency due to licensing requirements.

The upcoming cryptocurrency – called LINK – will not be issued through an ICO, but will rather be a reward for users that use certain features on the Line messaging app. It will be made available for trading on Line’s cryptocurrency exchange, BitBox, in which users can trade “Links” that they acquire by using the app.

Line explained the issuance process on their website, saying:

“Unlike other cryptocurrencies or digital tokens, LINK will not make an Initial Coin Offering (ICO), but instead utilizes a reward system that gives users LINK as compensation for using certain services within the LINE ecosystem. For example, a user who has joined and participated in…

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