The well-known American cryptocurrency exchange and wallet provider Coinbase recently opened its offices in Japan. This new move for the leading exchange was part of their “effort to accelerate the global adoption of cryptocurrency.”
A License Would Set Coinbase Apart From The Competition In Japan
Currently, Coinbase intends to apply for a license with the Financial Services Agency (FSA) which is Japan’s main financial regulator. According to the blog post in which the company made the announcement, this process has been mandatory for all of the crypto exchanges that have been operating in the country since April 2017 – the month when the Japan Payment Services Act was put to action.
As the official announcement says, the office will be under the leadership of Nao Kitazawa. He is known to the public as a popular fintech authority and was describe by Coinbase as a “highly respected and admired fintech leader.” Kitazawa is also known for his role at Morgan Stanley Japan as an investment banker, after which he became the COO of Money Design – a company that helped pioneer automated investment advice platforms in Japan.
‘Creating An Open Financial System For The World’
Kitazawa is now the CEO of Coinbase Japan and according to the company’s announcement, will be “charged with building a world-class in-country team and ensuring that will deliver on the company’s vision of creating an open financial system for the world.”
Meanwhile, there are rumors that Coinbase is also working together with Mitsubishi UFJ Financial Group (MUFG) on the expansion to the Japanese market. According to some reports, MUFG has invested more than 1 billion yen ( approx. $9 million) in Coinbase since its adoption in 2004.
The Japanese yen, on the other hand, now accounts for more than half of all the traditional fiat currencies that were traded into Bitcoin. As the Director of the Financial System Stabilization Planning Office at the Financial Services Agency of Japan, Kazuyuki Shimamura said, this is due to the local legislation – mostly because the Japanese government amended its banking law and introduced the Virtual Currency Act last year.
A Solid Strategy For Global Market Penetration
Still, Coinbase is penetrating the global market with a nice strategy. Its efforts are seen everywhere around the world. In March, for example, the UK’s Financial Conduct Authority granted Coinbase an e-money license which will also be extended beyond the UK to more than 23 countries within the European Union (EU). In other words, this means that Coinbase is currently allowed to issue e-money and provide payment services in the UK.
The company has also been working closely with many regulators, all in order to become secure and meet all of the compliance standards out there. As some recent reports say, Coinbase is also planning to obtain a federal banking charter for its US operators.
For all who don’t know about it, Coinbase is a secure online platform for buying, selling, transferring and storing cryptocurrencies. The platform has been working on making buying and selling digital currencies easy – all thanks to its infrastructure which involves transactions between online wallets, friends or merchants – which are all free, secure and reliable.