Cryptocurrency exchange giant, Coinbase is officially launched in Japan, one of the world’s largest cryptocurrency market. Coinbase already operates in 32 countries globally.
San Francisco- based Coinbase in an announcement on Monday confirmed the official launch of an office in Japan and stated its motive to partner with the Financial Services Agency (FSA), the nation’s financial regulator, to guarantee that it complies with local laws.
The anticipated launch comes after the company’s proposed plan to come into Japan almost two years ago in July 2016 when it made $10.5 million from Japanese investors including Mitsubishi UFJ Financial Group (MUFG) and the Bank of Tokyo-Mitsubishi UFJ (BMTU), the country’s biggest financial services group and bank respectively.
In an announcement released by Coinbase, it states:
“As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.”
A former banker at Morgan Stanley Japan, Nao Kitazawa, will head Coinbase Japan as its chief executive. Nao is also part of the board of the Fintech Association of Japan, an industry working group.
The launch of Coinbase in Japan is an expected decision, and the exchange’s only presence in Asia is in Singapore before its latest development.
It is important to note that, Japan passed legislation in April 2017 to accept and recognize cryptocurrencies such as bitcoin ask a transfer method. The inclusive environment has witnessed several corporate giants the likes of Yahoo Japan, messaging giant Line, mainstream online brokerage Monex and financial services giant SBI all investing or operating their individual cryptocurrency exchange in the country.
In its own part, Coinbase is not only increasing into new markets, it is developing its product line to meet the demands of a new customer base: institutional investors.