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Coinbase is now registered as a cryptocurrency exchange to operate in Japan. The Japanese financial regulator has approved Coinbase to trade five cryptocurrencies.
Japan’s top financial regulator, the Financial Services Agency (FSA), announced last week that it has registered Coinbase as a crypto exchange service provider based on the revised Fund Settlement Act.
According to the FSA, Coinbase is approved to trade bitcoin (BTC), bitcoin cash (BCH), ether (ETH), stellar lumen (XLM), and litecoin (LTC).
The approved entity is a Japanese subsidiary of Coinbase Global, a Nasdaq-listed company.
Coinbase unveiled its plan to enter the Japanese crypto market back in 2018. The company said at the time that it would be “working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.”
Coinbase is also a member of the Japan Virtual and Crypto assets Exchange Association (JVCEA), a self-regulatory organization. Following Coinbase’s successful registration with the FSA, the association announced that the company is now its “first-class member.” In 2018, Coinbase joined the JVCEA as a “second-class member” — the categorization reserved for companies that have not registered with the FSA.
What do you think about Coinbase entering the Japanese crypto market? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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