A new cryptocurrency exchange by the name of Taotao will be launching in Japan in May. The exchange has a high-profile backer in YJFX, a subsidiary of Yahoo Japan, and was formerly known as BitARG before its rebranding.
The slogan of the exchange is “new money new world,” indicative of the fact that many believe cryptocurrency will disrupt the traditional financial market. The fact that a well-known Internet giant such as Yahoo is diversifying into the cryptocurrency industry might lead others in the space to follow suit.
There are reports that the deal is worth JPY2 billion, which amounts to about US$19 million. As a result, YJFX owns 40% of the exchange. The exchange is now allowing for pre-registration until April 17, and will introduce trading for both Bitcoin Core (ETH) and Ethereum (ETH) initially. For those more interested in margin trading, this option will also be made available for XRP, LTC, and BCHABC.
It has been an interesting year for the cryptocurrency markets in Japan, and there is much to be excited about. Unlike so many other countries, the Cabinet of Japan has actually agreed on a framework for margin cryptocurrency trading, and approved these regulations a little more than a week ago. This is quite significant, given the fact that the country is one of the biggest markets for overall digital asset trading in the world.
This is a huge advancement considering the fact that the Coincheck hack last year was arguably the largest cryptocurrency hack of all time, and caused Japanese regulators to tighten up and focus on fraud in the sector more than ever. The hack was massive, to the tune of over $500 million. Even with the new regulations, Taotao is one of the exchanges that has received an official license to engage in cryptocurrency-fiat trading.
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