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Japanese regulator says LINE in violation of funds settlement law

( May 18, 2016, 05:11 GMT | Insight) -- Japan's finance sector regulator has said that LINE, the operator of a popular chat and messaging application, is in violation of the country's funds settlement law, the Mainichi newspaper reports.Japan's finance sector regulator has said that LINE, the operator of a popular chat and messaging application, is in violation of the country's funds settlement law, the Mainichi newspaper reports. The ministry has decided that items used to play games in the app are a form of currency and therefore subject to the settlement law, which requires prepaid-card issuers and others to deposit half value of those quasi-currency funds with the government if the total exceeds a certain level. LINE hasn't deposited any funds with the government, according to the newspaper. The company must deposit some 12.5 billion yen ($115 million) based on the value of its form of currency as of March. LINE said it would abide by the law....

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