On June 4, Coinbase — one of the largest wallets and cryptocurrency exchanges in the US — revealed its plans to enter the Japanese crypto market. While Japan is renowned for its rather progressive views toward crypto (it was one of the first countries to officially recognize Bitcoin, after all), entering arguably the world’s hottest crypto market is no easy task. At the very least, Coinbase will have to please the Japanese Financial Services Agency (FSA) — the country’s major watchdog that has been noticeably nervous ever since January’s infamous Coincheck hack.
Currently, the San Francisco-based Coinbase Inc. operates in 32 countries. Now that the company is expanding to Japan, Nao Kitazawa, a former investment banker at Morgan Stanley (NYSE:MS), will be named CEO of the new branch, according to Bloomberg.
In a blog post announcing the Japanese branch, Coinbase referred to itself as “a regulated, compliant crypto company in the US” that “will focus on building that same level trust [sic] with new customers in Japan.”
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