Japanese cryptocurrency exchange Taotao tweeted on May 27, 2019, that it will officially launch its trading services from May 30, 2019.
Yahoo! Japan’s Crypto Exchange Is Coming Soon
Staying true to their habit of fidgeting with new technology, the Japanese have typically been one of the loudest proponents of cryptocurrencies.
In the latest development, Taotao – a cryptocurrency exchange with 40 percent stake from Yahoo! Japan – announced that it would launch its trading services from May 30.
As previously reported by BTCManager, in March 2018, Yahoo! Japan joined the cryptocurrency bandwagon when it hinted that it would purchase a stake in Tokyo-based Japanese exchange BitARG. At the time, the Internet giant reportedly paid $19 million to close the deal.
For the uninitiated, Taotao was formerly known as BitARG before the investment from Yahoo! Japan. At the time, BitARG was already a government-approved exchange as it had registered with the country’s financial watchdog, the Financial Services Agency (FSA), which made things much easier for its eventual launch.
Per sources close to the matter, the exchange will initially allow users to trade in bitcoin (BTC) and ether (ETH) with plans to introduce support for other cryptocurrencies such as litecoin (LTC), Ripple’s XRP, and bitcoin cash (BCH) shortly. Further, the exchange will also enable margin trading for its users.
Japan’s Bittersweet Affair with Cryptocurrencies
Japan has been one of the global hotbeds for everything crypto. The fall of Mt. Gox was a timely wake-up call for regulatory bodies across the globe and also allowed Japan to cement itself as a global force spearheading the crypto movement.
Since then, Japan’s FSA has taken a number of measures to ensure that the local crypto ecosystem’s growth isn’t stunted due to regulatory ambiguities. BTCManager informed its audience on October 25, 2018, that the FSA had granted Japanese cryptocurrency exchanges the luxury to self-regulate.