US based crypto exchange Coinbase has officially opened its office in Japan, to provide better services for Japanese investors by allowing them to use the platform and establishing a strong foothold in the Japanese cryptocurrency market. The exchange has launched their office in Japan today, and this decision was taken as part of their effort to accelerate the global adoption of cryptocurrency by providing their clients with a user-friendly interface and make trading as easy as possible while still remaining compliant with local laws and regulations.
According to the sources, Coinbase is undergoing the process to complete the registration with Japanese Financial Services Agency (FSA), and once the process is complete, services will be provided to the Japanese customers. According to the officials from the exchange, its services will be available in local languages as well, as Japan is the largest cryptocurrency market in the world.
The Asian island country has been actively working to make launching a compliant crypto-startup easier. In April 2017, Japan passed regulations recognizing cryptocurrencies as a legal method of payment. This lead to an astounding rise in “Bitcoin Accepted Here” signs, albeit in Japanese. Japan will host the next Olympics in 2020, and many believe that this event will put cryptocurrencies front and center on the world stage. There are currently 16 registered cryptocurrency exchanges in Japan and, in April 2018, they launched a self-regulatory body called the Japanese Cryptocurrency Exchange Association (JCEA). The purpose of the group is to set up self-regulatory standards and hold the authority to investigate and sanction non-compliant members.