- Major cryptocurrency exchange Coinbase is expanding its business in Japan.
- In partnership with Mitsubishi UFJ Financial Group, the Nasdaq-listed firm is able to be fully compliant and offer fiat on and off-ramps for its Japanese customers.
- The top five cryptocurrencies in trading volume will be listed first, with other assets coming later on.
Coinbase is launching in Japan in partnership with Mitsubishi UFJ Financial Group (MUFG) as part of the leading crypto exchange’s global strategy.
Coinbase enters the Japanese market
Coinbase announced that the digital asset exchange is entering the Japanese market as part of the firm’s strategy to gather market share from one of the largest crypto markets in terms of digital currency trading volume.
The major crypto exchange said in an announcement that it aims to be the easiest to use and most trusted exchange in the Asian country. Coinbase is fully compliant with local regulations in Japan, and the firm has partnered with one of the largest banks in the country, MUFG, serving 40 million customers.
The announcement also explained that customers in Japan would be able to access fiat-on and off-ramp using MUFG’s Quick Deposit services.
Coinbase will support the five largest cryptocurrencies by trading volume initially in Japan. Customers in the country will be able to purchase Bitcoin, Ether, Litecoin, Bitcoin Cash and Stellar at first, and the exchange will move to support more assets in the coming months.
Although Coinbase did not mention which specific assets are coming next, the firm also plans to introduce other localized versions of popular offerings such as advanced trading and institutional services.
The Nasdaq-listed exchange registered with the Financial Services Agency (FSA) in June. Japan has one of the world’s most progressive regulatory climates for digital assets. The country also recognizes Bitcoin and other digital currencies as legal property under the PSA and holds the world’s biggest market for the bellwether cryptocurrency.
Cryptocurrency exchanges in the nation are required to register and comply with the traditional anti-money laundering and counter-terrorist financing obligations.
With discussions between crypto exchanges and the FSA, two self-regulatory bodies, the Japanese Virtual Currency Exchange Association (JVCEA) and the Japan STO Association, were set up in 2020.