Coinbase Invades Japan With New Office, FSA Compliance

US-based cryptocurrency exchange Coinbase officially announced an expansion into the booming Japanese cryptocurrency market with the launch of a new Japan office.

Announced on June 4, a new office in Japan will be spearheaded by Japanese fintech leader Nao Kitazawa.

The new Coinbase office will provide Japanese cryptocurrency investors access to the suite of Coinbase products.

According to recent statistics from the Japanese Financial Services Agency, the Japanese market would expose Coinbase to 3.5 million additional cryptocurrency investors.

The information revealed in the FSA report demonstrated the value of the Japanese market to Coinbase.

The new CEO of Coinbase Japan, Nao Kitazawa, possesses substantial experience with navigating the Japanese financial regulatory space, boasting a history that includes pioneering automated investment advice platforms in Japan with Money Design.

To achieve success in the Japanese cryptocurrency market, Coinbase must acquire a valid registration status with the Japanese Financial Services Agency.

The FSA has recently cracked down on cryptocurrencies within the country, announcing new legislation that requires cryptocurrency exchanges offering services within the country to gain approval from regulators.

"Upon our business registration with the FSA, Coinbase services available to Japanese customers will be provided with Japanese language translations for ease of use. We look forward to sharing more about our plans for Japan soon."

The announcement of the Coinbase Japan office is the culmination a lengthy process that began in 2016 when the platform raised over $10 million from both the Mitsubishi UFG Financial Group and the Bank of Tokyo-Mitsubishi UFJ. Japan, one of the most crypto-friendly countries in the world, is a key target for Coinbase.