The main US provider of currency and cryptocurrency services, Coinbase, revealed its plans to enter the Japanese cryptographic market, Cointelegraph Japan reported on Monday, June 4.
Coinbase intends to apply for a license to the financial regulator of the country, the Financial Services Agency (FSA), "this year", a process that has been mandatory for all cryptocurrencies operating in the country since the amendment of the Law of Payment Services of Japan in April 2017.
It is said that the US company is working together with Mitsubishi UFJ Financial Group (MUFG) in its expansion to the Japanese market. According to CT Japan, MUFG has invested more than 1 billion yen in Coinbase since 2004 through Mitsubishi UFJ Bank and Mitsubishi UFJ Capital, among others.
CT Japan also reports that Coinbase's Japanese trading service will focus on supporting the main digital currencies such as Bitcoin (BTC) and Ethereum (ETH).
The crypto market in Japan continues to show rising levels of crypto adoption, with CT Japan citing recent figures from the Japan Virtual Currency Exchange Association that estimates the number of Japanese crypto investors at 3.5 million.
Coinbase, for its part, has focused on working closely with regulators to improve its security and compliance standards, and it has recently been reported that the company is seeking to obtain a federal banking statute for its operations in the United States.
Perhaps many of my readers will say '' You will be very involved in what this ecosystem has to do '', and I respect them, but thanks to this revolution, because that is what it is, my quality of life has changed and I appreciate it from my heart, that is why it fills me with joy and satisfaction to be able to know that the blockchain in general is entering more countries and companies; for that reason I want to congratulate all the entrepreneurs who work under that platform because thanks to them the world and the economy are changing.
