Coinbase To Entering Japanese Crypto Market With 5 Cryptos

The Japanese financial regulators announced that they approved Coinbase to trade 5 cryptos.

According to the Japanese regulators, Coinbase can now enter the Japanese crypto market. Coinbase can trade 5 cryptocurrencies. This includes Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH). And also, Stellar Lumen (XLM) and Litecoin (LTC).

The news says that Coinbase is now registered as a crypto exchange to operate in Japan. Japan’s Financial Services Agency (FSA), announced last week.

FSA said it had registered Coinbase as a crypto exchange service provider. In addition, this is based on the revised Fund Settlement Act. More so, the approved entity is a Japanese subsidiary of Coinbase Global. It is a Nasdaq-listed company.

In 2018, Coinbase unveiled its plan to enter the Japanese crypto market. At the time, the firm said it would be working closely with the Japanese FSA. Moreover, it would be working to ensure compliance with local laws at every stage.

Let’s note that Coinbase joined the Japan Virtual and Crypto assets Exchange Association (JVCEA). It is a self-regulatory organization. But following Coinbase’s successful registration with the FSA, the union stated that the firm is now its “first-class member.”

Coinbase joined the JVCEA as a “second-class member” in 2018. The class for companies that have not registered with the FSA. The number of Coinbase verified users could rise by 30% to reach 70 million before the year is over. This is because the top-ranking crypto exchange is expected to continue recording a high influx of new users.