BTC Wires

Yahoo! Japan’s Crypto Exchange TaoTao To Be Launched On 30th May

It was recently revealed in a Twitter post, on Monday, that Yahoo Japan’s cryptocurrency exchange Taotao will be released on May the 30th.

The media corporation Yahoo! Japan owns the Taotao exchange in the proportion of 40% through its subsidiary Z Corporation, with CMD Lab Inc. owing the rest of the 60 per cent. The exchange initially will only be supporting the trading of bitcoin (BTC) and ether (ETH), while margin trading will be applicable for Litecoin (LTC), XRP, Bitcoin Cash (BCH) as well as BTC and ETH.

Taotao has finally gotten its release date after almost a year since Yahoo! Japan acquired 40% per cent of the trading platform’s equities. The exchange was initially named BitARG and it was sold to Yahoo back in April 2018. At the time, it was reported that

“The purchase of BitARG shares will be made through Tokyo’s YJFX, a wholly owned Yahoo subsidiary that operates foreign exchange transaction services.”

Reports had also revealed that the company had paid close to 2 billion yen for its share, during a time when Japanese exchanges have garnered the interest of many investors.

Taotao was originally scheduled to enter the market in mid-May, but the date was delayed without any official reason being cited by the company. This venture might prove to be quite the successful one as the market is still riding its bull run which started in April, which in turn has resulted in many new Japanese traders showing a renewed interest in cryptocurrencies. Reports from last week also note that Japanese exchanges have had three times more new users signing up.

Taotao is licensed to operate as a crypto exchange business by the Financial Services Agency, its official website featuring its FSA registration number which is 00001.

The financial regulators of Japan have implemented stringent legislative measures due to a series of major hacks that occurred last year. It has been reported that Japan’s Financial Services Agency will be reviewing the Anti-Money Laundering (AML) measures of exchanges before the Financial Action Task Force starts their own international inspection.