TL;DR Breakdown
• Japan regulators accepted Coinbase as a crypto platform.
• The exchange platform to only trade with five tokens.
Coinbase, the largest cryptocurrency exchange, has shown interest in Japan’s crypto activities. The company will operate in Japan with five cryptocurrencies including Bitcoin, Ethereum, Bitcoin Cash, and Stellar Lumens.
The organization regulating cryptocurrencies in Japan, FSA, has approved Coinbase for operations. The financial services agency said the announcement is based on the fund settlement law in Japan.
This is good news for Coinbase and cryptocurrency investors based in the country. Now Japan’s crypto fans can trade their tokens at ease without being stopped by a central authority.
Coinbase platform is hosted in Japan
The company that authorized the Coinbase operations in Japan has felt love for the platform since 2018. By then, the exchange company assured that it would work with the country’s authorities at some point. After almost three years, that agreement is reached where crypto investors and companies will benefit.
With permission, Coinbase can join the JVCEA to focus on the self-regulation of its current market. The Virtual and Cryptocurrency Exchange in Japan announced that Coinbase is among its potential partners.
Cryptocurrencies in Japan
By the beginning of the year, while many investors enjoyed the cryptocurrency boom, the picture was different in Japan. Since 2021, the authorities in Japan have had problems approving virtual currencies. The continuous and irrelevant scrutiny that focused on the market had also affected cryptocurrency investors.
The Coincheck hack had put a very fragile decentralized market in the country in check. China’s regulations, which shook the entire crypto market also added to the debacle.
However, Japan seems to have moved past all these, and identifies as a renewed nation that uses crypto. Coincheck is to be replaced by Coinbase for the exchange security and reputation it earns globally. This is a good move for the Japanese government to take its first steps back into crypto.
This news causes the cryptocurrency market to increase because it will have new players in the field. At least 7 out of 10 people in Asia use cryptocurrencies, which benefits the market. Although the platform only serves for crypto exchange, this moves the market and improves its purchasing power.
Japan is ready to embrace cryptocurrencies that they previously did not view as tangible assets. However, the regulatory authorities have matured, analyzed the case, and showed a new panorama.
With this valuable society, many companies can be encouraged to use cryptocurrencies as a means of payment. This would boost the country’s economy and possibly, the price of each crypto token.
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