Coinbase launches in crypto-friendly Japan
The publicly traded exchange announced its inroads in the country yesterday.
We’re excited to be launching Coinbase in Japan, one of the first countries to embrace 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 be launching Coinbase in Japan, one of the first countries to embrace crypto and one of the largest markets by crypto trading volumes in the world.” Coinbase said, adding it shall aim to be the easiest to use and most trusted exchange in Japan that’s fully compliant with local regulations.
As part of the rollout, Coinbase is partnering with Mitsubishi UFJ Financial Group (MUFG) — one of the largest banks in Japan serving 40 million Japanese customers. The move is expected to let Coinbase reach millions of people in Japan and trade cryptocurrencies by using 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 around which cryptos can be listed, what exchanges can operate, and to what extent the public can invest in the sector.
This makes the country a lucrative market for established players, especially the ones seeking to take a legal, regulated approach to the crypto industry.
Meanwhile, Coinbase would increase its product suite for Japanese customers. “Coinbase is committed to increasing the use of crypto in Japan by bringing a best-in-class product offering to Japanese customers,” the firm stated, adding:
“We will be launching retail products first including a suite of five top assets based on trading volume, and will add more assets and products in the coming months.”
A “localized version” of popular services such as advanced trading, Coinbase for Institutions, is also on the cards in the near future.