Coinbase, the US-based crypto exchange, has announced its official launch in Japan in partnership with banking giant Mitsubishi UFJ Financial Group (MUFG).
It has been reported that the firm led by CEO Brian Armstrong announced on Aug. 19 that it will first launch retail trading products including “a suite of five top assets based on trading volume,” with more assets and products to be listed in the coming months.
Armstrong said:
“We also plan to introduce more localized versions of globally popular services such as advanced trading, Coinbase for Institutions, and more in the future.”
However, the partnership with Tokyo-based MUFG will see the bank provide a fast fiat on-and-off ramp for Coinbase customers in Japan called MUFG Quick Deposit.
The report stated:
“In line with our global strategy, we will aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations.”
Likewise, Coinbase has had its eye on the Japanese market for a while now, with Cointelegraph reporting in October 2019 that the firm was seeking licensing approval from Japan’s financial regulator the Financial Services Authority (FSA). In March 2020 the firm also registered as a crypto exchange with FSA-approved and official self-regulatory organization the Japan Virtual Currency Exchange Association (JVCEA).
Thus, last week, Coinbase hoarded a cash-based war chest worth around $4 billion to prepare for decreased retail trading in case of a possible “crypto-winter,” along with increased costs brought on by future regulatory compliance hurdles.
Source: Cointelegraph