Cryptocurrency Exchange Giant Coinbase Is Officially Launching In Japan

June 5, 2018 5:28 pm Published by

Already present in 32 countries, CryptoCoinNews reports Tuesday US cryptocurrency exchange Coinbase is ready to expand into another market – Japan. 

Coinbase confirmed the move Monday in announcement saying a new office has been opened in Japan, along with verifying it’s plan to work “hand-in-hand” with the country’s Financial Services Agency.

Two years ago, the report said, Coinbase planned to open the office after raising $10.5 million from Japanese investors including the Mitsubishi UFJ Financial Group (MUFG) and the Bank of Tokyo-Mitsubishi UFJ (BMTU), Japan’s largest financial services group and bank, respectively.

 “As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage,” Coinbase said in the announcement.

The report names Nao Kitazawa, a former investment banker at Morgan Stanley Japan, as leader of Coinbase Japan. Nao is also on the board of the Fintech Association of Japan, an industry working group. The move to Japan is the second foray into Asia for Coinbase, with Singapore its previous expansion.

In April 2017, Japan passed legislation to acknowledge and recognize cryptocurrencies like bitcoin as a payment method, CryptoCoinNews reported.

WN.com, Jack Durschlag

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