Coinbase Moving to Japan
Coinbase is currently operating in 32 countries with major pairing with global currencies. Now it is planning to move into the Japanese Market. The idea is to increase the global outreach of crypto coins. In the years gone by Coinbase had provided best services to US, European and American Buyer. And looking forward to doing the same in Japan. Dan Romero, the Vice President and General Manager of Coinbase, said:
“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.”
Mitsubishi UFJ Group, one of the largest global banking companies is all set to come along with Coinbase. This will help Coinbase with its early stages in Japan.
Nao Kitazawa has been appointed as the CEO of the company for Japanese operations. Previously he was an investment banker at Morgan Stanley Japan. He also has experience as the COO of the Money Design at Fintech. Fintech is a company that brought automated investment advice to Japan.
It will take a year for Coinbase to acquire a license and offer services to Japanese buyers. But the strict regulations in Japan would bring lots of challenges for Coinbase. Recently HitBTH and Karken closed services for Japanese traders due to cumbersome regulations. Even Binance wants to move away from the country.
The Bitcoin trading against the Japanese Yen was nearly three times more active compared to trading against US Dollars. It was approximately 56% of the entire market.
Japan is one of the most active markets for crypto coins, with 16 exchanges applying for licenses.
The exchange stands today with $150B+ digital currencies exchanged over 32 countries and among 20M+ customers. It would like to do the same in Japan but would definitely be challenged by the strict regulatory conditions for transparency and security.
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