Monday, December 11, 2023

Japan’s Social Messaging App Line Added An NFT Marketplace

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Japan’s social messaging app Line just added an NFT marketplace as a part of the crypto-ready features on its platform as we can see more today in our latest cryptocurrency news.

Japan’s social messaging app Line officially launched its own NFT dubbed Line NFT. Partnering with Yoshimoto Kogyo is a major Japanese entertainment conglomerate will offer 40,000 different NFTs to 90 million users. The first wave of NFTs will include videos from the company’s in-house Yoshimoto NFT Theatre but also other characters from the anime series, Patlabor is a Mobile Police with more to come on offer in the upcoming months.

The users will store their purchased NFTs in the LINE bitMax wallet which is a product offered in conjunction with the BitMax. The app added NFT capabilities to a growing list of crypto features after introducing an option of allowing the users to pay for the items for the native LINK at LINE Pay’s online merchants earlier this year. One has a reputation for being among the biggest tech companies in Japan and will adopt crypto and blockchain tech after launching a crypto exchange in 2018.

NFTs are becoming quite popular in Japan despite the country’s strict crypto regulations and the Japanese financial services conglomerate Nomura Holdings which is the latest major player in the country that will develop an action plan for implementing NFTs and the e-commerce company Rakuten announced the launch of the NFT trading platform dubbed Rakuten NFT.

As recently reported, Japan will revise its foreign exchange law to prevent Russia from evading the economic sanctions via crypto. The Chief Cabinet Secretary Hirokazu Matsuno said that the government will submit a revised version of the legislation to the parliament. The revised legislation enables the government to apply the law to all crypto exchanges and oblige them to scrutinize whether their clients are specific Russian sanctions targets.

NFT-Backed Loans, cryptopunks, sotheby's,

This is not the first time that Japan took aim at crypto and try to crack down ont eh risks of Russian sanction evasion. The Financial Services Agency and the Japan Virtual and Crypto Assets Exchange Association started assessing ways to block crypto transactions on the JApan sanctions list. The finance minister said that they are watching the situation and the settlements in crypto assets in order to secure the effectiveness of sanctions against the country.

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