Coinbase gets approval to enter Japan’s cryptocurrency market

Japan's top financial regulator, the Financial Services Agency (FSA), announced last week that Coinbase has now completed registration as a cryptocurrency exchange in Japan under the revised Funds Settlement Act, and that the Japanese financial regulator has approved Coinbase to trade five cryptocurrencies and begin operations.

According to the FSA, Coinbase is approved to trade Bitcoin, Bitcoin Cash, Ethereum, XLM, and Litecoin. The approved entity is the Japanese subsidiary of Nasdaq-listed Coinbase Global.

Coinbase first announced its plans to enter the Japanese cryptocurrency market back in 2018. The company said at the time that it would "work hand in hand with the Japanese Financial Services Authority to ensure compliance with local laws at every stage."

Coinbase is also a member of the Japan Virtual and Crypto Asset Exchange Association (JVCEA), a self-regulatory organization. After Coinbase successfully registered with the FSA, the association announced that the company is now its "Tier 1 Member." In 2018, Coinbase joined the JVCEA as a "Tier 2 Member," a level reserved for companies that are not registered with the FSA.