Major US cryptocurrency exchange Coinbase has revealed its plans to enter the Japanese market. As initially revealed 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 approved entity is a Japanese subsidiary of Coinbase Global, which is a Nasdaq-listed company. This move finally allows coinbase to offer five major cryptocurrencies, including bitcoin, ether, stellar, litecoin, and bitcoin cash, with more common currencies added once finalized registration.
Coinbase has been seeking entry into Japan for quite a long time and finally started taking action by participating in a recruiting binge across the nation’s capital, Tokyo, last year. Coinbase joined as a member of the Japan Virtual Currency Exchange Association in March 2020, a self-regulatory organization approved by the FSA.
Plans of Coinbase in Japan
The US Company is working together with Mitsubishi UFJ financial group (MUFG) on its extension to the Japanese market. According to CT, Japan MUFG has invested over 1 billion yen in Coinbase since 2004.
Coinbase joined the JVCEA as a “second-class member” in 2018. But now, after the registration with the FSA, it announced that the company is now its “first-class member.” The number of Coinbase verified users could rise by 30% to reach 70 million before the year is over.
And it is due to the top-ranking crypto exchange is expected to attract users over its worldwide presence and dominance in the crypto world.
