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Coinbase ($COIN), one of the largest crypto exchanges based out of New York is all set to enter the Japanese crypto market after getting approval from the country’s top regulatory watchdog Financial Sevice Agency (FSA). The FSA registered Coinbase as a crypto exchange under the revised Fund Settlement Act.
The Nasdaq listed crypto exchange would offer five cryptocurrencies for trading namely Bitcoin (BTC), Bitcoin cash (BCH), Ether (ETH), Stellar Lumen (XLM), and Litecoin (LTC). The exchange first announced its plans of entering the Japanese crypto market back in 2018 and has said it was confident of getting FSA approval.
Japan is seen as one of the most progressive crypto markets in terms of regulations and has even handed out a regulatory handbook to G-20 nations to help them in regards to implementing progressive crypto regulations. It was the first nation to regulate crypto assets positively.
Coinbase Becomes ‘First-Class Memeber’ of JVCEA
Coinbase is also a member of Japan’s self-regulatory organization Japan Virtual and Crypto assets Exchange Association (JVCEA), which promoted the exchange to a first-class member after FSA approval. The crypto exchange joined the organization as a second-class member in 2018.
After its public debut on Nasdaq in April this year, the crypto platform has managed to expand its reach and service offerings to new domains and regions. It recently entered the pension market after partnering with a 401(k) pension plan provider ForUsAll. The exchange was one of the highest valued companies at the time of Nasdaq listing.
Coinbase made its public debut on the back of a very successful first quarter with over 50 million registered customers and $1.8 billion in revenue.
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