Cryptocurrency exchange Kraken will operate in Japan for the first time in two years.
The company said Tuesday its Japanese subsidiary, Payward Asia Ltd., completed the regulatory registration process and has been granted a permit to operate as a crypto asset exchange business in the country.
- According to the announcement posted on Kraken’s website, the firm plans to start offering its services in the middle of September, with more details to come.
- Kraken exited the Japanese market in April 2018 when regulators stepped up oversight of the cryptocurrency sector after a Tokyo-based exchange, Coincheck, lost more than $530 million worth of assets after a hack.
- According to Kraken’s announcement, Payward Asia’s new platform will initially only handle trades in five coins: bitcoin, ethereum, XRP, bitcoin cash and litecoin.
- Customers who used Kraken’s services through Payward Japan before April 2018 will need to open a new account under the new procedure, Kraken said, because the firm does not plan to offer an account-transfer option.