Coinbase Enters Japanese Market After Completing Registration With Financial Watchdog
U.S. cryptocurrency exchange Coinbase is entering the Japanese market, quietly rather than with a bang.
As originally reported by CoinDesk Japan last week, the Nasdaq-listed exchange's subsidiary registered with the Financial Services Agency (FSA), the country's financial watchdog, on June 18.
The move paves the way for Coinbase to begin offering five major cryptocurrencies including bitcoin, ether, stellar, litecoin and bitcoin cash. More currencies are expected to be added once Coinbase's registration has been finalized.
Japan's strict crypto regulatory regime is not without its payoffs as it is one of the largest regions for trading in the world and a potentially lucrative venture for those keen enough to jump through the hoops.
Coinbase has been touting an entry into Japan for years and finally began making moves by engaging in a hiring spree across the country's capital of Tokyo last year.
In March 2020, Coinbase joined as a member of the Japan Virtual Currency Exchange Association, a self-regulatory organization approved by the FSA.
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
