If recent reports are anything to go by, April 2019 will see Yahoo Japan own about 40 percent of the BitARG Exchange, Tokyo. Yahoo Japan is reportedly looking to realign its mission and focus on cryptocurrencies as it plans to launch a full-blown exchange next year.
In fact, Yahoo Japan’s plans to acquire 40 percent of BitARG are in preparation for its registration with the Financial Services Agency in the early stages of 2019.
Tokyo’s FSA Stepping Up to Regulate Crypto
This recent development with Yahoo Japan comes just weeks after the financial watchdog in Japan stepped up its regulation of cryptocurrency businesses with inspections which revealed inadequate internal control and the exposure of consumers to risks.
Furthermore, two cryptocurrency trading platforms were recently suspended, spiking concerns and more uncertainty over the future of cryptocurrencies in the country. According to the watchdog, exchange owners are required to know and understand corporate ethics both in technology and finance. However, most exchange operators have been profit hungry at the expense of the consumer, while neglecting rules and regulations.
Yahoo Japan Will Investigate BitARG
Even though Yahoo Japan plans to eventually set up its own exchange next year, most of its systems will be built on top of what BitARG has to offer. In this regard, Yahoo Japan is reportedly making more investment in BitARG (which is registered under the Financial Services Agency).
Furthermore, the body has conducted its due diligence and according to Nikkeri.com, the two entities have already “reported their capital tie-up to the FSA”.
How Will Yahoo Japan Acquire BitARG?
Reports indicate that the purchase of BitARG shares will take place on the Tokyo YJFX, which is a foreign exchange transaction services provider wholly owned by and acting as a subsidiary of Yahoo. Yahoo plans to acquire a 40 percent stake in BitARG at about 2 billion yen, with plans to complete the next phase of investment in March 2019.
What do you think the fate of Yahoo Japan’s plan to buy a stake in BitARG will be? Share your thoughts and opinions with us in the comments section.