Coinbase, one of the largest crypto exchanges based in New York, has received approval from Japan's main regulatory body, the Financial Services Agency (FSA). Under the new Fund Settlement Act, the FSA registered Coinbase as a cryptocurrency exchange.
Coinbase will now be able to offer five main cryptocurrencies, including bitcoin, ether, stellar, litecoin, and bitcoin cash, as a result of the change. Once Coinbase's registration is complete, more currencies are expected to be added.
Japan's rigorous crypto regulatory environment has its benefits, as it is one of the world's largest trade locations and a potentially profitable endeavour for those willing to go through so many rules.
Coinbase became a member of the Japan Virtual Currency Exchange Association, a self-regulatory body certified by the Financial Services Agency, in March 2020.
The crypto platform has managed to expand its reach and service offerings to new domains and areas since its public debut on Nasdaq in April of this year.
After partnering with ForUsAll, a 401(k) pension plan provider, it just entered the pension industry. At the time of its Nasdaq listing, the exchange was one of the most valuable firms in the world.