Crypto exchange giant Coinbase has received the go-ahead from the Financial Services Agency to operate on Japanese financial markets. Crypto exchanges will now trade cryptocurrencies, including bitcoin, Bitcoin Cash, litecoin, and ethereum.
Coinbase Achievements To Date
Coinbase has now fulfilled its desire to enter the market in Japan after making plans for operations in 2018. The New York-based exchange has been working with the Japanese FSA to find an acceptable framework for the two entities since that year.
Japan, one of the crypto-supporting countries, has made great progress when it comes to crypto regulation. This Asian country legalized crypto activity in the 2017 financial year. In addition, the country has shared crypto legal frameworks with several G-20 countries, citing favorable ways to regulate cryptocurrencies. However, not many exchanges have the privilege to trade in Japan.
The Japanese FSA recently called out crypto exchange Bybit for allowing access to Japanese nationals. The accusations against Bybit suggest that the exchange, which is not yet registered with the FSA, helps citizens trade cryptocurrencies. The same warning surfaced three years ago when Binance also allowed Japanese traders to trade on its platform.
Become a JVCEA Member
Coinbase is a core member of the Japan Virtual and Crypto assets Exchange Association (JVCEA) regulatory firm. Following Coinbase’s approval by the FSA, JVCEA gave the exchange a promotional boost making it a first-class member of a regulatory body. Coinbase has been an associate member since 2018.
The New York-based entity joins several exchanges permitted to operate in Japan, including Paybis, Cex.io, and Coinmama. In addition, he joins the 22 JVCEA members along with entities such as Bitflyer, Coincheck, Bitflyer, SBI VC, and Rakuten Wallet.
Successfully Registered on Nasdaq
Moments after Coinbase’s listing on the Nasdaq, the stock hit a tantalizing mark, hitting a valuation of $105 billion. The listing caused turmoil around the crypto market, as the price of cryptos like BTC hit highs above $60K. Coinbase’s $COIN token stock was initially priced at $250. However, the token is currently at $229, according to crypto statistics tracker coinmarketcap.
The crypto market has been suffering for a few days now, but token exchanges haven’t been hit quite as deeply as crypto giants like BTC and ETH.