One of the biggest crypto exchanges enters one the biggest crypto markets. It is official, Coinbase the largest U.S. digital currency exchange is entering the Japanese market by opening its first office on the island.
We're excited to announce that Coinbase is coming to Japan! 🇯🇵
— Coinbase (@coinbase) June 4, 2018
This American company that operates in 32 countries is trying to wider its influence outside of the U.S. as Nao Kitazawa, a former Morgan Stanley investment banker has been appointed as chief executive officer of the new Japanese branch of the company.
“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 Financial Services Agency (FSA) to ensure COMPLIANCE with local laws at every stage.”
The company has announced on their blog post.
In order for the exchange to operate in this country, it will need a license issued by the FSA that they intend to obtain within a year. This special license that had came into a law in April 2017, has been mandatory for all the domestic crypto exchanges or any outsider that wants to operate within the country.
Coinbase is planing to partner with Mitsubishi UFJ Financial Group in order to better integrate and expand on the Japanese market. It is known that Mitsubishi Group had invested over 1 billion yen in Coinbase since 2004 through Mitsubishi UFJ Bank and Mitsubishi UFJ Capital.
As the Japanese crypto market continues to grow, this becomes the perfect place for investment of foreign capital, that will probably boost the estimated number of 3.5 million Japanese crypto investors for a significant percent.