Coin base, the listed third largest crypto exchange in the world, has now turned to the Japanese market, it said in a press release this morning.
🇯🇵BIG NEWS! 🇯🇵
We’re excited to launch Coinbase in Japan, one of the first countries to adopt crypto and one of the largest markets by crypto trading volume in the world.
Details here 👇https: //t.co/ZhsYiE3L2a
– Coinbase (@coinbase) August 19, 2021
“Today we are excited to launch Coinbase in Japan, one of the first countries to adopt crypto and one of the largest markets by crypto trading volume in the world.” Coinbase said, adding that it is intended to target that easiest to use and most trustworthy exchange in Japan that is fully compliant with local regulations.
As part of the rollout, Coinbase is working with Mitsubishi UFJ Financial Group (MUFG) – one of the largest banks in Japan, serving 40 million Japanese customers. The move is intended to enable Coinbase to reach millions of people in Japan and trade cryptocurrencies using it MUFG’s quick deposit Service.
Why did Coinbase choose Japan?
Japan is one of the few crypto-friendly, regulated markets in the wild west world of cryptocurrencies. There are strict regulations about which cryptos can be listed, which exchanges can be operated and the extent to which the public can invest in the sector.
This makes the country a lucrative market for established players, especially those seeking a legal, regulated approach to the crypto industry.
In the meantime, Coinbase would expand its suite of products for Japanese customers. “Coinbase is committed to increasing the use of crypto in Japan by providing a world class product offering to Japanese customers,” the company said, adding:
“We will be launching retail products first, including a number of top five assets based on trading volume, and will be adding more assets and products in the coming months.”
A “localized version” of popular services like Advanced Trading, Coinbase for Institutions, is also being planned in the near future.
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