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Yahoo Japan reportedly seeks to open a new cryptocurrency exchange

Internet juggernaut Yahoo Japan is seeking a strategic alignment with BitARG in order to launch a massive cryptocurrency exchange in 2019.

Nikkei Asian Review has reported that Japanese division of the internet firm Yahoo will begin the procurement of a significant portion of BitARG Exchange Tokyo in April, and accordingly plans to launch a fully developed cryptocurrency exchange in about a year’s time. The exchange would launch as a new entity, but would supposedly have foundations on BitARG’s system.

Reportedly, Yahoo Japan will buy the hefty 40% portion of BitARG through one of its forex exchange subsidiaries, YJFX and will pay ¥2 billion JPY, or $19 million USD, for the shares. The additional investments would be made from January until March next year through another one of Yahoo’s group companies.

BitARG Denies Yahoo Japan Partnership

This story in itself is remarkable in the crypto-exchange arena, but it becomes even more interesting that confirmation of this deal has been contested by the director of ARG, Yoon Hee Yuan, in a release on website’s platform: “(March 23 at 18:00), the [Nikkei] reported that our company accepted the investment from Weijay FX Corporation (100% subsidiary of Yahoo Japan Corporation) and will make a capital alliance, but this case is not what we announced.”

Hee Yuan also said that they are looking into various possibilities, inclusive of capital and business tie-ups in order to strengthen the system and the management but, at the present time, had not decided on anything. He also said that they will announce facts when decisions have been confirmed.

If deals are struck, the possible consequences of Yahoo Japan’s entrance into the cryptocurrency exchange would signify a substantial amount of growth within the leading Japanese crypto market.

The new exchange could have the potential to add its name to the ring of Japan’s regulated cryptoexchange, and if the cards land in place, it might provide a great deal of weight to the current sixteen operators in the licensing scheme, attempting to develop new standards in Japan’s Financial Services Agency (FSA). At press time, BitARG has its license in place from the FSA, but is only beholden to Bitcoin trading.

Until anything is confirmed, though, we can only conjecture what the future might look like for a Yahoo and BitARG union – and how this might affect Japan’s FSA.