U.S. cryptocurrency exchange Coinbase is forming a partnership with one of Japan's largest banks to launch Coinbase Japan as part of a larger effort to expand worldwide.
The move into Japan follows a green light from the country's financial regulators, who have looked sternly at the crypto industry in recent years.
The move follows the Nasdaq-listed exchange's subsidiary registering with the Financial Services Agency (FSA), the country’s financial watchdog, in June. Coinbase said its partnership with the bank was a bid to become the country's "most trusted exchange" that is "fully compliant."
Some crypto exchanges such as Kraken initially left the country in 2018, citing rising costs as a result of red tape. The exchange has since returned to the jurisdiction as of September 2020 following licensure to its Japanese subsidiary, Payward Asia Ltd.
UPDATE (August 24, 2021, 1:15 UTC): Adds information on Kraken's return to Japan via its subsidiary Payward Asia Ltd.
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