Coinbase, one of the leading crypto exchanges, has revealed its launch in Japan, marking a step forward to increase its reach and compete among its major rivals.
This was contained in a blog post announcement where the exchange said the move was made with its “global expansion focus and assured it would be fully compliant with various regulations.”
It also revealed that it has partnered with Mitsubishi UFJ Financial Group (MUFG), one of the largest banks in Japan, to tap the advantage of its massive customer base. The bank is said to be serving over 40 million customers.
Interestingly, Japan is among the countries that first embraced crypto as the majority of its citizens have shown a level of interest in digital assets. However, the government has made attempts to regulate the space to make the environment more crypto-friendly.
You will recall that the country’s Financial Services Agency (FSA) recently issued a warning to the embattled crypto exchange, Binance, for operating without a license in the Asian country.
But based on Coinbase‘s past dealings with regulators, authorities in the country can expect to have an exchange which would respect the laws of the land while ensuring strict compliance to every regulation.
Apart from its recent expansion moves, the Brian Armstrong-led crypto firm has recorded substantial growth in its performance in this year. The exchange has managed to tie up important deals with the U.S. government, while also seeing an increase in its user base.