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Coinbase Enters Japanese Market After Completing Registration With Financial Watchdog
The move paves the way for Coinbase to begin offering five major cryptocurrencies including bitcoin and ether.
Updated Sep 14, 2021, 1:16 p.m. Published Jun 24, 2021, 3:53 a.m.
U.S. cryptocurrency exchange Coinbase is entering the Japanese market, quietly rather than with a bang.
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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, ether, stellar, litecoin and bitcoin cash. 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.
See also: Coinbase COIN Stock Hit With ‘Underperform’ Rating by Investment Bank Raymond James
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.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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