One of the largest American cryptocurrency exchanges Coinbase announced plans to enter the Japanese market.
Coinbase intends during the year to apply for a license at the financial services Agency of Japan (FSA). This procedure has become mandatory for kryptomere operating in the country from April 2017.
It is reported that an American company to enter Japanese market has partnered with Mitsubishi UFJ Financial Group (MUFG). In 2014, the financial group invested in Coinbase, a total of more than 1 billion yen ($9.1 million).
Initially trading platform Coinbase in Japan will only support the main cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).
Despite more stringent requirements for cryptocurrency exchanges with the FSA, the Japanese market continues to attract new players. Over the past months about the plans to open kryptomere in the country, said Yahoo Japan, Money Forward, and SBI Group. Last launched on the eve of the cryptocurrency exchange VCTRADE, the start of which was delayed due to problems with security issues.
New requirements of the regulator were also the result of leaving some cryptomery from the Japanese market. For example, two local crypto currency exchange has decided to withdraw its application for a license from the FSA and go out of business. American cryptocurrency exchange Kraken had decided to stop working in Japan, considering the costs of compliance with the rules of the regulator too burdensome for business.