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Coinbase enters into Japan’s Crypto Exchange market through MUFG partnership
Aug, 21 2021
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On 19th
August US crypto exchange Coinbase announced their partnership with Japan’s
banking giant Mitsubishi UFJ Financial Group to enter into Japan’s crypto
market, one of the largest markets by crypto trading volumes in the world.
The partnership
will give Japanese customers the access to begin trading on Coinbase’s platform
quickly through MUFG’s Quick Deposit services from day one, according to
Thursday’s statement.
As per
Coinbase global strategy they “will aim to be the easiest to use and most
trusted exchange in Japan that’s fully compliant with local regulations,” the
firm said in a blog post. “That’s why we are also excited to announce our
partnership with MUFG- one of the largest banks in Japan serving 40 million
Japanese customers.”
By claiming
“Today’s launch is just the beginning”, the crypto exchange indicated towards
their long term business plans for Japan. The exchange shared that initially
they will launch retail products including a suite of five top assets by
trading volume and will add more assets and products in upcoming days, but
didn’t provide any specific names.
Moreover,
Coinbase said it plans to launch more localized versions of the US firm’s
services popular globally, such as advance trading and Coinbase for
Institutions.
Although, the
company did not reveal an exact date for the launch in Japan, the citizens of
Japan can still buy bitcoin, ethereum and litcoin through Coinbase’s website. A
Coinbase spokesperson stated in an email to Blockworks, “At the moment I don’t
have anything to share beyond what is in the blog post. But happy to stay in
touch should that change.”
Instead of
having strict crypto regulatory guidelines, Japan is the first country to
create globally a law characterizing “crypto assets” as a legal term. The
adoption of cryptocurrencies in Japan is still fast-tracking at a quick pace as
crypto trading picks up across the country. According to the Japan Virtual and
Crypto Assets Exchange Association (JVCEA), Japan’s cryptocurrency deposits hit
an all-time high in March of about 1.4 trillion yen ($13 billion)
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Joyashree Dey
CBW - External Analyst
INDIA
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