Japanese cryptocurrency exchange Taotao is going to start trading services in the coming May.
Initially, the crypto exchange will introduce two digital currencies for trading – Bitcoin and Ethereum. In addition, it will introduce margin positions for three more cryptocurrencies – Ripple, Bitcoin Cash, and Litecoin.
The exchange has initiated a pre-launch campaign and also started the onboarding process for its potential clients.
According to the announcement, the Japanese exchange will start accepting clients from May 25 and close the process on April 17. As a part of the promotional campaign, the exchange is offering JPY 1,000 to its 500 random future clients, if they trade more than JPY 250,000 worth digital assets.
Backed by Yahoo!
Formerly known as BitARG, 40 percent of the crypto exchange’s shares are owned by YJFX, a subsidiary of Yahoo Japan. The acquisition, in last March, created a stir in the Japanese market as it was clear that the internet giant is planning to expand towards the cryptocurrency industry. Though the amount involved in the deal was not disclosed, according to reports, it was inked involving JPY 2 billion (around $19 million).
An exchange funded by Yahoo called “TAOTAO” will be launched this May (in Japan). Their slogan is “new money new world.”
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Oh btw their official twitter account is following Ripples official twitter account🤔 More digital asset adoption in Japan https://t.co/NqGQjvqtPG
— xPhilosopher🤔 (@xPhilosopher1) March 25, 2019
Japan is one of the biggest markets for digital asset trading. It, however, faced a setback in 2018 amid the massive attack on Coincheck, which at the time was handling the highest number of crypto trades in the country. The attack, which resulted in the theft of $536 million worth of digital coins, had alerted the country’s financial watchdog, which in turn, tightened its grip on the unregulated market.
Japan’s Financial Services Agency (FSA) also made it mandatory for exchanges operating within its jurisdiction to gain a license. Taotao is one of the few exchanges that has received the FSA license to list virtual currencies against fiat.
Earlier this month, the Japanese Cabinet has approved new regulations for crypto margin trading, putting the trading rules on par with regulations on the forex trading.