The people of Japan and the United States will not be able to use tokens LINK, unveiled a few days ago announced the Corporation Line, due to the lack of the license of the regulator.
Guide Line — a subsidiary of South Korean Internet giant Naver Corporation, has made a decision not to resort to ICO for distribution of cryptocurrency tokens. Instead, the cryptocurrency, called LINK, will be a kind of reward users who use certain features of the Line messenger.
“Unlike other cryptocurrencies, or digital token, the LINK will not conduct the primary placement of coins (ICO), but instead will introduce a reward system, under which users get a LINK as compensation for the use of certain services within the ecosystem LINE,” explained on the company website.
So, we are talking about services, decentralized applications, relevant to the LINK, using which the users will receive a token “incentive”.
“This LINK can then be used as payment or reward within dApp services, which will soon be launched and in service categories such as content, Commerce, social media, games, exchange and so on within the ecosystem LINE,” write the developers.
According to the plans of the company, users will be able to trade received cryptocurrency LINK on their own crypto currency exchange BitBox Line. However, the exchange has yet to obtain a license from the regulator.
Given that 75 million monthly active Line users residing in Japan, many investors think that the inability to use cryptocurrency residents of the country may call into question the usefulness of such a token. However, in the near future the situation may change if cryptocurrency exchange BitBox Line will pass appropriate licensing procedures that meet the requirements of the Japanese financial services Agency (FSA).
It should be noted, the FSA has tightened the requirements for obtaining a license after a major hacking attack on the stock exchange Coincheck, losses from which exceeded $400 million, the scale of the hacking that occurred in January of this year forced the authorities to reconsider the principles activities for the purpose of conducting more thorough inspections of exchanges for compliance with regulation, including on-site inspections.
At this moment, the residents of Japan have access to the alternative to Link — Point Link, exchange Link which will also become available upon receipt by the exchange of the license.
“For residents of Japan LINK Point it will be possible to obtain as a reward for operation in dApp services is LINK. Japanese users can use the LINK inside the Point of the blockchain app or exchange them on LINE Points. However, while the LINE will not get permission to trade and exchange cryptocurrency from the regulatory agencies of Japan, remain inaccessible deposits of the Deposit in the LINK Point, withdrawals, transfers, trade and exchange cryptocurrency exchanges, including BITBOX”, — reads the statement Line.
Recall, the total issue volume will amount to 1 billion tokens Link, 800 million of which will be available for payment of custom compensation, and 200 million will remain at the disposal of the company as a reserve. The volumes of the gradual release of the remaining tokens in circulation will be adjusted depending on the performance of the ecosystem.
It is assumed that the Link will be used to pay for content on various platforms Line, such as music, video, as well as for commercial procurement. Users will be able to forward Link to each other in a fast P2P transfer without a fee.
