Coinbase largest cryptocurrency exchange of the U.S is ready to enter into Japan. The exchange is going to open a shop in Japan where trading of currencies will take place.
With this outreach of company will increase, as exchange already have a presence in 32 countries including Singapore. One of the largest banking company of world UFJ Group will be the partner of exchange in Japan.
According to the Vice President and General Manager Dan Romero
“As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan…we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA [Financial Services Agency] to ensure compliance with local laws at every stage,”
The exchange is in touch with the Financial Service Agency of Japan and is ready to operate with all the norms of the regulator. In April Financial Service Agency of Japan became more strict towards the cryptocurrency exchanges and came up with many mandatory norms for exchanges, due to which many top exchanges opted out from the country and many applications are still pending with the agency. Coinbase has set a deadline of one year to get the license from the regulators and start its operation in Japan.
Bitcoin investors expecting a bull run after the news flooded in the market.
The company has already hired Nao Kitazawa as CEO for Japanese operation, Nao was formerly an investment banker at Morgan Stanley Japan, and also having experience of running fintech company Money Design, where he served as COO. The fintech company brought automated investment advice to Japan.
How Coinbase will settle in Japan is a concern as due to strict regulations many top exchanges even world’s biggest exchange Binance is thinking to move away from Japan recently Hitbtc has closed its services for Japanese residents ,Kraken also closed its services for Japanese residents because of strict norms as regulator are very keen to provide transparency and security. So it will be interesting to see how Coinbase will manage to launch and make it a success.
However recently SBI has shown a set of procedures for compliance.