Tokyo Stock Exchange Against Participating in Crypto Market
August 14, 2018
Tokyo Stock Exchange (TSE) has expressed its concerns over probable registering of Hong Kong-based crypto company within the country. The TSE spokesmen claimed, they welcome foreign companies entering the Japan market provided they are not involved in digital currency matters.
According to the Nikkei agency, Hong Kong company Noah Ark Technologies considers acquiring Beat Holdings while already possessing 15% of the organization. As the holding is registered at TSE, Noah Ark suggested rebranding it to something more appropriate for crypto industry. In addition, they proposed to Beat Holdings issuing new shares to own the company’s 50% for acquiring its health care and intellectual properties products.
Noah Ark also plans opening cryptocurrency exchanges in Japan, the US and China along with further launch of its own ICO named Noah Coin to raise around $1 billion.
Nikkei writes, TSE won’t prevent this deal settled and is concerned about the Noah Ark’s plans for it does not want to become a part to high-risk crypto market, as the exchange spokesman said. The article also notes that Noah Ark did not have its activity approved by the Japan regulator although this was not officially declared.
Beat Holdings and its shareholders are also against the upcoming sale. The company’s head Lian Yin Hanh stated, the holding is just trying to get listed by TSE. Nonetheless, he added, launch of ICO Noah Coin is likely to take place in either Singapore or Hong Kong, i.e. the markets it is already present at.