Coinbase, a major US Crypto Exchange, is entering the Japanese crypto market as it aims to accelerate the global adoption of digital currencies.
In a blog post, the company announced the launch of its office in Japan, which will be led by Nao Kitazawa, a former investment banker with Morgan Stanley.
Coinbase is expected to apply for a license with the FSA within the year. A registration is mandatory for all crypto exchanges operating in Japan since the amendment of Payment Services Act last year.
Coinbase services to Japanese customers will be provided with Japanese language translations.
Coinbase Japan CEO Kitazawa is the former COO of Money Design, a company that helped pioneer automated investment advice platforms in Japan. Prior to Money Design, he worked at Morgan Stanley Japan. Kitazawa sits on the board of the Fintech Association of Japan.
Coinbase reportedly is working with Mitsubishi UFJ Financial Group as banking partner as it enters the Japanese market. Mitsubishi UFJ is said to have invested more than 1 billion Japanese yen in Coinbase since 2004. In 2016, both companies entered into a partnership to support Coinbase's long-term international expansion efforts.
The San Francisco-based company, which operates in 32 countries, has till date traded $150 billion in digital assets on its exchange platform.
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