Coinbase is planning to establish the footprint in Japan to improve the Global Reach of crypto coin.
Dan Romero, General Manager and Vice President of Coinbase, has announced the launch of its office in Japan. The company is working with Financial Services Agency of Japan to comply with local laws.
At present, Coinbase has the presence in 32 nations worldwide. The company has already established the presence in Singapore. It will enter into a pact with Mitsubishi UFJ Financial Group Inc to establish a presence in Japan.
It may long time for the company to establish an exchange in Japan legally. Coinbase has hired Nao Kitazawa as Chief Executive Officer for its Japanese operation.
Prior to the appointment at Coinbase, Nao Kitazawa has served as Morgan Stanley (NYSE:MS)’s investment banker in Japan. He also held the position of Chief Operating Officer at Money Design. It was the first fintech company to bring automated investment advice to the customers in Japan.
Coinbase has staged a decision to obtain a license in a year and start offering the services to the customers in Japan.
Only large entities are allowed to establish and run the exchanges in Japan as per the strict regulations set by the Japanese regulator. The regulations are established to ensure security and transparency of running the transactions.
Strict Regulations Keeps Away Biggest Exchanges From Japan
HitBTC has shut down the Japanese operations. Binance is also planning to close down the business operations in Japan. Kraken is another prominent company to stop trading services to the customers in Japan mainly because of the strict regulations.
Despite all the odds, SBI Group hogs the limelight. It has successfully complied with the regulations and started trading of Ripple (XRP) on June 4, 2018.
Around 16 exchanges have applied for the licenses to offer the cryptocurrency services in Japan. Therefore, Japan is the active market for digital currency.
Coinbase Run Global Digital Asset Exchange Goes Down for a Brief Period on Monday
The cryptocurrency exchange operated by the Coinbase is down for a brief period on Monday due to a glitch in application programming interface. The trading resumed at 2.57 PM ET.