Coinbase has been approved to operate as a bitcoin exchange in Japan. Coinbase has been granted permission to trade five cryptocurrencies by the Japanese financial regulator.
The Financial Services Agency (FSA), Japan’s primary financial regulator, revealed last week that it has registered Coinbase as a crypto exchange service provider under the amended Fund Settlement Act. Coinbase has been allowed by the Financial Services Authority to trade bitcoin (BTC), bitcoin cash (BCH), ether (ETH), stellar lumen (XLM), and litecoin (LTC) (LTC). Coinbase Global, a Nasdaq-listed firm, has a Japanese subsidiary that has been approved. Coinbase first announced its intention to enter the Japanese crypto industry in 2018. At the time, the corporation said it would “work hand-in-hand with the Japanese FSA to ensure compliance with local legislation at every stage.”Coinbase is also a self-regulatory member of the Japan Virtual and Crypto Assets Exchange Association (JVCEA). Coinbase has been designated as a “first-class member” of the Financial Services Authority (FSA) following its successful registration. Coinbase became a “second-class member” of the JVCEA in 2018, a designation reserved for companies that have not registered with the FSA.