- Coinbase is opening the office in Japan.
- Bitcoin and other digital assets are deep in red.
The San Francisco-based cryptocurrency exchange has announced its plans to enter Japanese market in order to facilitate global cryptocurrency adoption. Currently, the company is operating in 32 countries and support USD, EUR, GBP, CAD and BTC for trading. Coinbase Asian presence is now limited to office in Singapore.
“As part of our effort to accelerate the global adoption of cryptocurrency, today we’re announcing the launch of Coinbase’s office in Japan”¦we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA [Financial Services Agency] to ensure compliance with local laws at every stage,” Vice President and General Manager Dan Romero commented.
The new office will be headed by Nao Kitazawa, a former investment banker at Morgan Stanley Japan and a member of an international law firm.
Last year Japanese authorities introduced Payment Services Act, which requires all crypto exchanges in the country obtain FSA license. There are 16 fully licensed venues operating in the country with 16 more operating under special permission while their applications are processed.
The cryptocurrency market reaction has been muted as all major coins resumed the downside after a short-lived recovery attempt on the weekend. Bitcoin, the largest and the most popular digital coin, is down 3.7% on daily basis, trading at $7,400 handle at the time of writing. The coin broke below the short-term trendline while the renewed selling pressure threatens to take the coin back to $7,000 handle where new buyers are likely to appear.
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