The move will make the USA and Japan equal as the largest exchange in Japan, Bitflyer recently launched in the USA.
Coinbase are working with the FSA in Japan
An announcement from Coinbase suggested that they will actively be working closely with Japanese regulators to ensure the operation is fully compliant.
“As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.”
Coinbase operating in Japan has long been anticipated after $10.5 Million was raised by leading Japanese financial institutions.
Coinbase in Japan
Trading on Coinbase is as easy as cryptocurrency trading gets. The funds are taken direct from users bank accounts and can also be sold direct to bank accounts, although that does take a number of days to complete. There are fees involved, for most trades the fee for trading on Coinbase is around 3.99%.
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The Japanese cryptocurrency market represents a large proportion of global cryptocurrency trading. The country has always been at the forefront of technological advancements, and it seems they’re no different when it comes to financial technologies too.
An inaugural report from the Japanese FSA revealed that Bitcoin trading in Japan increased by 340% in a three-year period, from $22 million in March 2014 to $97 billion in March 2017.
The report suggests that the cryptocurrency markets in Japan, along with the rest of the world are increasing at a rapid pace and Coinbase could be tapping into an extremely lucrative marketplace.
What are Coinbase up to aside from Japan
Coinbase are not stopping at opening in Japan when it comes to innovating and improving their existing platform. After the exchange suffered downtime after an unexpected boom in new user registrations at the end of 2017, a time where it became the most downloaded app on Apple’s app store, they announced that they will be significantly improving customer service operations.
They also recently acquired an e-money license from the UK government and became the first ever exchange to be given a UK bank account, a task that is proving hard for anyone involved in the cryptocurrency world living in the UK.
They’re actively expanding the team to cope with the unforeseen mass adoption seen at the end of 2017, anticipating a similar trend for the end of 2018.