Crypto Exchange Coinbase Expands To Japanbr>
Cryptocurrency exchange Coinbase has announced that it will be opening a new office in Japan to further broaden its influence beyond the US.
The Japan office will be headed by Nao Kitazawa, who previously served as COO of Money Design, an automated investment manager and advisor. Prior to Money Design, Kitazawa worked at Morgan Stanley Japan as an investment banker, where he guided a number of merger and acquisition deals and composition of funds in the real estate sector.
“As the CEO of Coinbase Japan, Nao will be charged with building a world-class in-country team and ensuring that we deliver on our vision of creating an open financial system for the world,” Coinbase said in a blog post. “Nao’s passion for cryptocurrency combined with his extensive background provides Coinbase with a great foundation to successfully push into the largest cryptocurrency market in the world. As a regulated, compliant crypto company in the US, we will focus on building that same level trust with new customers in Japan.”
Coinbase intends to apply for a license with the Financial Services Agency (FSA), the country’s financial regulator, to ensure it is compliant with local laws.
“As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage,” said Coinbase Vice President and General Manager Dan Romero.
Romero added that upon its business registration with the FSA, Coinbase services available to Japanese customers will be provided with Japanese language translations for ease of use.
Currently operating in 32 countries, Coinbase claims to have more than 20 million customers. The exchange first announced in 2016 that it would open services in Japan, following an investment of $10.5 million from a group that included the Bank of Tokyo-Mitsubishi UFJ (BTMU), the largest bank in Japan and a subsidiary of the Mitsubishi UFJ Financial Group.