New York-based crypto exchange Coinbase has received approval from Japan’s main regulatory body, the Financial Services Agency (FSA).
Specifically, under the new Fund Liquidation Act, the FSA last week registered Coinbase as a crypto exchange. The FSA-approved agency is a Japanese subsidiary of Coinbase Global, whose shares are traded on the NASDAQ.
To recall, Coinbase first revealed its intentions to enter the Japanese crypto market in 2018, stating that it was confident of receiving clearance from the FSA.
Coinbase has fulfilled its will to trade in Japan
Similarly, the company said at the time that it would be “working hand in hand with the Japanese FSA. To ensure compliance with local laws at each stage ”.
In this regard, Vice President and General Manager Dan Romero wrote: “As part of our effort to accelerate the global adoption of cryptocurrencies, we announced the launch of the Coinbase office in Japan.”
In addition, he emphasized: “As a regulated and compliant crypto company in the United States, we will focus on generating that same level of trust with new clients in Japan.”
“Our new office will lay the groundwork for crypto investors from Japan to access a range of Coinbase products.”
In fact, Coinbase is also a proud member of the Japan Virtual Currency Exchange Association (JVCEA) which is an autonomous organization. Which upgraded the exchange to a “first-class member” after FSA approval.
Indeed, in 2018 Coinbase joined the JVCEA as a ‘second class member’. The categorization reserved for companies that have not registered with the FSA.
Crypto exchange enters the Japanese market
As a fun fact, Coinbase had been contemplating an expansion in Japan since at least July 2016. When it partnered with Bank of Tokyo-Mitsubishi UFJ (BTMU).
Sure enough, the Financial Services Agency (FSA), Japan’s largest financial institution, said in a statement that it registered Coinbase as a crypto exchange provider under the country’s “Fund Liquidation Law.”
In fact, the FSA also stated that Coinbase was allowed to trade five major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), Stellar (XLM), and Litecoin (LTC). Very importantly, more coins are expected to be added once the Coinbase registration is finalized.
In short, Coinbase joins the few exchanges authorized to operate in Japan, including Paybis, Cex.io and Coinmama. In addition, it joins the 22 first-class members of the JVCEA along with entities such as Bitflyer, Coincheck, SBI VC and Rakuten Wallet.
To culminate, Coinbase’s entry into the Japanese market is an important step in the cryptocurrency industry. Indeed, in terms of adoption and trading of cryptocurrencies, Japan is one of the best countries in the world.What do you think of Coinbase’s expansion in Japan? Let us know in the comment box.
I leave with this phrase from Haruki Murakami: «When you get used to never getting what you want, do you know what happens? That ends up not even knowing what he wants.