The Japanese arm of search engine Yahoo! has announced May 30th as the official launch date of its own cryptocurrency exchange. The exchange, to be dubbed Taotao, will offer Bitcoin (BTC) and Ethereum (ETH) as base currencies and will additionally be offering trading in Ripple (XRP), Litecoin (LTC) and Bitcoin Cash (BCH).
Taotao confirmed the details of the launch in a message from its Twitter account (@taotao_ex). The development represents Yahoo!’s first cryptocurrency-related project and is one of the first serious cryptocurrency exchanges launched by a major Web services company. Unlike in most western countries, Yahoo! enjoys a greater customer base in Japan than both Google and Paypal.
Japan’s Strict Crypto Regulation
Following several hacks over the past few years, Japan now has some of the strictest cryptocurrency regulatory rules in place. Exchange giant Huobi even had to suspend all its services to Japanese clients for a period in July last year due to regulations imposed by Japan’s regulatory body. Similar regulations affected the Hong Kong-based crypto exchange HitBTC.
Later that year in December last year, officials from Japan’s National Police Agency (NPA) revealed that they had received a staggering 6,000 cases related to cryptocurrency fraud and crime.
However, Yahoo! Japan was able to purchase the exchange through its retail foreign exchange subsidiary YJFX back 2018 when it was known as BitARG. The exchange is licensed by Japan’s financial regulatory body the Financial Services Agency (FSA)
Customers can begin registrations for the TaoTao crypto exchange from May 25th onwards.