Japan will have a new Cryptocurrency exchange that will be launched in May this year. Taotao, formerly called BitARG will begin trading a few coins in the next two months. Yahoo! Japan owns 40 percent of the website through its subsidiary.
Meanwhile, Bermuda premier has shared his views about the recent QuadrigaCX incidence where the owner died with the private keys. The premier said that under the current Cryptocurrency laws in the British island territory, such a misfortune would not have happened if the exchange was registered in the country.
Yahoo! Japan-Backed Cryptocurrency Trading Platform To Launch In May
Beginning May of this year, Taotao exchange (previously BitARG) will be launched in Japan. The exchange, which is 40% controlled by a subsidiary of Yahoo! Japan, will begin by trading only a few coins. The website will offer trading for Ethereum (ETH) and Bitcoin (BTC). Its users will also use Litecoin (LTC), Bitcoin Cash (BCH), and Ripple (XRP) for margin trading.
Currently, Taotao is running a pre-launch. Those wishing to join the exchange can register for an account and take part in a promotional campaign. During this promotional giveaway scheme, the website will give 500 customers with trading volume of over 250,000 JPY (about $2,270) on the platform 1,000 JPY ($9.1) randomly.
Yahoo! Japan’s Journey In The Crypto World
News about Yahoo! Japan joining the Crypto sector first emerged with reports of the company’s plan to purchase Taotao through its subsidiary, YJFX. The giant tech company bought the exchange at an undisclosed amount in March 2018. Unconfirmed reports claim that the deal was worth around 2 billion Japanese yen (around $19 million).
Japan is considered one of the largest Cryptocurrency markets in the world. The country has a high number of Cryptocurrency exchanges. The government has played a major role in ensuring that the market is secure for both the companies and their clients. Japan’s Financial Services Agency (FSA) is the body responsible for regulating the Crypto sector in the country.
FSA recently introduced a new law that requires all Cryptocurrency trading websites in the Asian country to have a license to operate. The agency has revealed that last year, 190 firms applied to be registered as Cryptocurrency operators in the country. It has been reported that Taotao has acquired a license that will enable it to list virtual currencies against fiat currencies on its website.
Bermuda Premier Says QuadrigaCX’s Lose Of Crypto Keys Would Have Been Avoided
Meanwhile, since the beginning of this year, QuadrigaCX has dominated headlines in the Crypto sector for all the bad reasons. The Canadian Cryptocurrency exchange founder Gerald Cotten died last December on a trip to India. The exchange was unable to access most of its funds in cold wallets, as Cotton was the only one involved in their management.
However, according to Bermuda Premier David Burt, this would not have been the case if the exchange was registered in his country. Burt said Bermuda Monetary Authority has rules regarding the storage of master keys. Burt added that there are clear laws on what should be done in the event the keys are lost. Therefore, in the case of QuadrigaCX, the death of Mr. Cotten would not have affected the exchange in any way if it were registered in Bermuda and not in Canada.