Coinbase Plans to Expand to Japanese Market

Coinbase-Plans-to-Expand-to-Japanese-markets

Coinbase, the major US crypto wallet exchange provider, has recently announced that they will be entering the Japanese cryptocurrency market as reported Monday, June 4.

The company states that they’re working together with Mitsubishi UFJ Financial Group (MUFG) which has invested over ¥1 billion into Coinbase since 2004. Coinbase will apply for a license with the country’s financial regulator, within the year. This process is mandatory for all cryptocurrency exchanges operating within the country. The Coinbase Japanese Exchange will focus on supporting major digital cryptocurrencies like Bitcoin and Ethereum.

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The Japanese market continues to show extreme growth regarding crypto adoption. Recent figures show that Japan’s Virtual Currency Exchange Association estimates the number of Japanese crypto investors at around 3.5 million. This makes their marketplace extremely attractive to foreign capital which currently withstands the countries increasingly stringent policies on crypto regulation.

Coinbase has focused on working closely with regulators within the Japanese government to improve compliance standards and security.

There have also been recent reports as of late that Coinbase will be obtaining a federal banking charter for its US operations. More on that story located here.

Coinbase currently has over 20 million customers and today has traded over $150 billion worth of digital assets on their platform.

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