Asia's biggest Asian stock exchange is "tormented" honestly by a cryptocurrency company


The expected acquisition of a company listed on the Tokyo Stock Exchange by a Hong Kong cryptocurrency company is raising concerns within the stock exchange.

The Tokyo Stock Exchange (TSE) is receptive, even welcoming, to foreign companies entering the Japanese market – unless they are a cryptocurrency enterprise.

According to the Nikkei on Sunday, the exchange rate operator is clearly sweating on the potential acquisition of Beat Holdings, a publicly traded company by Noah Ark Technologies, in Hong Kong Apparently, the company is considering the launch of cryptocurrency bags in Japan and other jurisdictions along with plans for an ICO launch.

As a shareholder of the listed company TSE, Noah Ark had previously proposed Beat Holdings to change its name to include the cryptocurrency token of this last & # 39; Noah Coin & # 39; in June, according to the report.

In addition, Noah Ark has also proposed that the company issue new shares and open its acquisition rights to allow the latter to get 50% of the voting rights in Beat, a company registered in the Cayman Islands with particular attention to acquisition of intellectual property (IP) and health care. Beat currently sees a market capitalization of 7.3 billion yen ($ 66 million) while trading on the second section of the TSE for medium-sized companies.

The Hong Kong company is looking at the acquisition of crypto exchange in Japan, the United States, China and some European markets, as well as guaranteeing about 1 billion dollars through an ICO that will see the company release its "currency of Noah ", an extract from the added report.

The TSE, although not having any means to stop the purchase, is said to feel in difficulty in these proceedings. A TSE official told the Nikkei that the stock market felt "troubled, to be honest" in the face of what is still largely far removed from the cryptocurrency sector that apparently lacks investor protection. The report adds that Noah has not been approved as an encryption operator in Japan by the authorities, although it is unclear whether the company has yet formally applied.

Beat and his shareholders are also resisting the planned takeover of Noah Ark as Beat CEO Lian Yin Hanh said that the latter only tries to make its way into the TSE to benefit from the credibility of a listing in the TSE, the major stock exchange operator in Asia. Lian told Nikkei that Noah is likely to launch an ICO in Singapore or Hong Kong, markets where Beat has already established a presence.

Noah is currently the largest shareholder in Beat with a 15% stake and the management rights of the latter will be decided at a shareholders' meeting in September.

Close-up image of Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.
• Join the CCN Crypto community for $ 9.99 a month, click here
• Do you want exclusive analysis and in-depth analysis encrypted by Hacked.com? Click here.
• Open positions on CCN: full-time and part-time jobs.

Advertising


Source link