Coinbase has officially opened its office in Japan, paving the way to allowing Japanese cryptocurrency investors to use the platform and establishing a foothold in the Japanese cryptocurrency market.
Opening Doors to the Japanese Market
Coinbase launched their office in Japan today, according to a post on the company’s official blog. This move comes as a part of their “effort to accelerate the global adoption of cryptocurrency” by making buying and using Bitcoin as easy as possible while still remaining compliant with local laws and regulations.
The company plans to take their time with the rollout, working with authorities to make sure that they comply with local and state laws. Once Coinbase has completed its registration with the Japanese Financial Services Agency (FSA), its services will be made available to Japanese customers. To ease onboarding and make the platform as easy to use as possible, Japanese language translation options will be made available.
Instrumental in Coinbase gaining a foothold in Japan is Nao Kitazawa. A board member of the FinTech Association of Japan with a passion for cryptocurrency, Kitazawa has an extensive background in the Japanese market, which Coinbase hopes will provide a “great foundation to successfully push into the largest cryptocurrency market in the world.”
Japan Pushing for Adoption
The Asian island country has been actively working to make launching a compliant crypto-startup easier. In April 2017, Japan passed regulations recognizing cryptocurrencies as a legal method of payment. This lead to an astounding rise in “Bitcoin Accepted Here” signs, albeit in Japanese, of course. Japan will host the next Olympics in 2020, and many believe that this event will put cryptocurrencies front and center on the world stage.
While Japan requires cryptocurrency exchanges to register with the FSA, the agency also provides a framework for exchanges to operate within the country during the registration review process. There are currently 16 registered cryptocurrency exchanges in Japan and, in April 2018, they launched a self-regulatory body called the Japanese Cryptocurrency Exchange Association (JCEA). The purpose of the group is to set up self-regulatory standards and hold the authority to investigate and sanction non-compliant members.
What do you think about Coinbase moving into the Japanese cryptocurrency market? Will it help foster the global adoption of cryptocurrency? Let us know in the comments below.
Images courtesy of Coinbase, Nikkei, Wikimedia Commons