Coinbase Approved to Enter Japanese Cryptocurrency Market

Coinbase is now registered as a cryptocurrency exchange to operate in Japan. The Japanese financial regulator has approved Coinbase to trade five cryptocurrencies.

• Japan’s top financial regulator, the Financial Services Agency (FSA), announced last week that it has registered Coinbase as a crypto exchange service provider based on the revised Fund Settlement Act.
• According to the FSA, Coinbase is approved to trade bitcoin (BTC), bitcoin cash (BCH), ether (ETH), stellar lumen (XLM), and litecoin (LTC).
• The approved entity is a Japanese subsidiary of Coinbase Global, a Nasdaq-listed company.
• Coinbase unveiled its plan to enter the Japanese crypto market back in 2018. The company said at the time that it would be “working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.”
• Coinbase is also a member of the Japan Virtual and Crypto assets Exchange Association (JVCEA), a self-regulatory organization. Following Coinbase’s successful registration with the FSA, the association announced that the company is now its “first-class member.” In 2018, Coinbase joined the JVCEA as a “second-class member” — the categorization reserved for companies that have not registered with the FSA.