US Cryptocurrency exchange Coinbase to officially launch in Japan
US cryptocurrency exchange Coinbase which is already present in 32 countries in the world is about to be launched in Japan. On Monday, it was announced that the San-Francisco based exchange will launch its office in the country.
They would work “hand-in-hand” with the country’s financial regulator — Financial Services Agency (FSA) so that it is compliant with laws of the country.
The company’s plan to enter Japan was almost two years ago when it raised $10.5 million in July 2016 from Japanese investors such as Japan’s largest financial services group — Mitsubishi UFJ Financial Group (MUFG) and the Bank of Tokyo-Mitsubishi UFJ (BMTU).
“As in other markets, we plan to take a deliberate approach to our roll out in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage,” Coinbase said in a blog post on Monday. “As a regulated, compliant crypto company in the U.S., we will focus on building that same level trust with new customers in Japan.”
The Coinbase Japan will be lead by Nao Kitazawa, a former COO of Money Design. He’ll work as the chief executive and try to build a world-class in-country team and to share their vision of creating an open financial system for the world. He is also on an industry working group — the board of the Fintech Association of Japan.
Prior to this new venture, the only presence of Coinbase in Asia is in Singapore. In Japan, legislation was passed in April 2017 to recognize and acknowledge cryptocurrencies such as bitcoin as a method of payment.
In fact, a number of corporate giants such as Yahoo Japan, SBI, Monex all invest in or operate their own cryptocurrency exchange in the country.
Coinbase is not just expanding into new markets but also building a new product line. It will be to meet the customer’s needs, CCN reported.