- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high
Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines.
TON set to launch synthetic Bitcoin to boost its DeFi solutions
TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.
Maker Price Forecast: MKR could stage 40% rally
MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.
USDT market cap crosses $120 billion as stablecoins continue their uptrend
The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.