In a June 4 blog post, the San Francisco-based cryptocurrency exchange Coinbase announced it will be opening an office in Japan. Written by Coinbase vice president Dan Romero, the post stated that this move is part of the company's effort to "accelerate the global adoption of cryptocurrency."
Japan is one of the largest cryptocurrency markets in the world and the popularity of digital assets among young Japanese professionals suggests continued growth. However Japanese regulators have been applying pressure on exchanges following an attack on the platform Coincheck, which resulted in a loss of over $500 million worth of NEM tokens.
Romero stressed that Coinbase will register with the Japanese Financial Services Agency (FSA) and intends to scrupulously adhere to Japan's regulatory requirements:
"As in other markets, we plan to take a deliberate approach to our rollout in Japan, which means working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage."
The new office will be headed by Nao Kitazawa, a former investment banker at Morgan Stanley. Kitazawa also served as the chief operating officer of Money Design, an automated investment advice service.
According to the company's website, Coinbase operates in 32 countries, but Singapore is currently the only Asian country where its services are available.
"Our new office will lay the foundation for Japan's crypto investors to access a range of Coinbase's products," Romero wrote.
Romero did not specify when these services would become available but added, "We look forward to sharing more about our plans for Japan soon."
Coinbase is also in the process of opening an office in Chicago. The exchange's expansion efforts come despite a few bumps in its past, such as bugs, service interruptions, and a pesky IRS Summons in the US.