The move paves the way for Coinbase to begin offering five major cryptocurrencies including bitcoin and ether.
Not with a bang but with a whimper, U.S. cryptocurrency exchange Coinbase is quietly entering the Japanese Market.
As originally reported by CoinDesk Japan last week, the Nasdaq-listed exchange’s subsidiary registered with the Financial Services Agency (FSA), the country’s financial watchdog, on June 18.
The move paves the way for Coinbase to begin offering five major cryptocurrencies including bitcoin (BTC, -0.13%), ether (ETH, -1.29%), stellar (XLM, +1%), litecoin (LTC, +3.96%), and bitcoin cash (BCH, +4.62%). More currencies are expected to be added once Coinbase’s registration has been finalized.
Japan’s strict crypto regulatory regime is not without its payoffs as it is one of the largest regions for trading in the world and a potentially lucrative venture for those keen enough to jump through the hoops.
Coinbase has been touting an entry into Japan for years and finally began making moves by engaging in a hiring spree across the country’s capital of Tokyo last year.
In March 2020, Coinbase joined as a member of the Japan Virtual Currency Exchange Association, a self-regulatory organization approved by the FSA.