Coinbase enters into Japan’s Crypto Exchange market through MUFG partnership
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)
CBW - External Analyst