Japan: Yahoo-backed Cryptocurrency to be launched in May

A Japanese cryptocurrency exchange by the name of Taotao (formerly known as BitARG) is set to start trading a limited range of cryptocurrencies in May, according to a report on March 25.

Yahoo! Japan owns 40% of Taotao, and the exchange will initially trade Bitcoin and Ethereum, but margin positions will be available in three additional cryptocurrencies, namely; Litecoin, Bitcoin Cash and Ripple.

Potential users can currently sign up for an account as part of a promotional giveaway scheme.

In March 2018, Yahoo! Japan made the announcement that it would acquire a major stake in the exchange through its subsidiary, YJFX – and the plan to trade cryptocurrencies was conceived at the same time.

Sources suggest that the purchase had cost the company around 2 billion yen or $19 million, at the time.

This will be the internet giant’s first leap into the world of cryptocurrency exchanges, with Taotao gaining regulatory approval to launch on the Japanese market.

Japan has a progressive attitude towards cryptocurrency but has implemented strict policies towards monitoring entities that plan on launching exchanges. This doesn’t come as a surprise as several high profile attacks were conducted on Japanese cryptocurrency exchanges with over $1 billion being subject to theft.

Earlier this month, new regulations gained approval, specifically relating to cryptocurrency margin trading.

This article was originally sourced from CoinTelegraph.

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