One of the largest cryptocurrency companies, Coinbase announced that soon will start to work in the Japanese market. This process may not be so simple: get a license to conduct business in Japan will be more difficult than in other countries.
Japan appears to be a sort of cryptocurrency center in the country focused many services and companies in this industry. Most likely, that is why the Japanese authorities are seriously concerned about the presence of this unmanaged asset class and trying to start to regulate it.
To facilitate the release of Coinbase on the market, their Japanese subsidiary plans to apply for a license at the financial services Agency of Japan (FSA).
“After our business registration in the FSA, services, Coinbase will be translated into Japanese to make them user-friendly,” according to the official company blog.
Coinbase plans to work with Japanese regulators on a high level of confidence. As stated by Vice-President Dan Romero (Romero Dan), Coinbase is going to win in Japan the same high reputation as in the US, where the exchange has received the status of a regulated and relevant legislative requirements cryptocurrency platform.
Coinbase CEO Japan will become Nao Kitazawa (Kitazawa Nao). He has extensive experience in the financial and technology sector and previously held the position of chief operating officer in a famous Japanese company Money to Design, and has also collaborated with the Japanese branch of the holding company Morgan Stanley as an investment banker. Nao is on the Board of the Japanese financial and technological Association (Fintech Association of Japan), which is also an important factor for his appointment as CEO.
“The dedication of the Nao cryptocurrencies, combined with his extensive experience creates an excellent base for the successful promotion of Coinbase on the largest cryptocurrency market in the world,” reads the company blog.
It is worth noting that almost a month ago, the FSA announced that it intends to strengthen the oversight of exchanges and implement specially designed program of five points. It includes a ban on privacy when committing a major transaction and requires the exchange to “cold storage” of cryptocurrency. These measures followed the breaking popular exchange CoinCheck, the damage from which is estimated at $550 million.