Taotao, a Japanese cryptocurrency exchange, is set to begin trading services on May 30. This information was reported by a source on May 27.
The Japanese cryptocurrency exchange is 40% owned by YJFX, a subsidiary of the Japanese arm of Yahoo. Taotao exchange will start trading with Bitcoin and Ethereum, while offering margin trading for Litecoin (LTC), Ripple (XRP) and Bitcoin Cash (BCH). Tatao exchange was formerly called BitARG before internet giant Yahoo acquired 40% of its stake after paying what was rumored to be around 2 billion yen.
Presently, the Crypto market is experiencing a bull run, which has sparked the interest of many traders and an increasing popularity among new traders in the Japanese region. Taotao exchange seeks to capitalize on the current form of the crypto market by providing trading services for the growing Japanese traders.
Another reason which fostered the launch of Taotao exchange was the amendment put forth by FSA to tighten rules relating to cryptocurrency margin lending enterprises in the country. This move by the Japanese government has created a favorable atmosphere for the adoption of cryptocurrencies under a regulated environment.
Also, regulatory steps have been put in place to prevent against hacks. A five-point regulatory framework has been set up to ensure that security on cryptocurrency exchanges around the country is beefed up. This is coming in view of hacks on exchanges, most notable amongst which is Coincheck, one of the largest hacks in the history of cryptocurrency, and the recent attack on Binance.