Coinbase Joins JVCEA: A New Chapter in Japan’s Crypto Landscape

JVCEA Welcomes New Members

On March 2, the Japan Virtual Currency Exchange Association (JVCEA) officially welcomed three additional companies as second-class members. This move adds a fresh twist to the evolving landscape of crypto in Japan, a nation known for its tech-savvy culture and stringent regulatory environment. Joining the ranks are Coinbase, Digital Asset Markets, and Tokyo Hash.

Second-Class Membership: What It Means

Being classified as a second-class member allows these companies to register as cryptocurrency exchange firms or to prepare for future registration. Essentially, it’s like getting a VIP pass but one that comes with a few more hoops to jump through before you’re fully in the club.

Coinbase’s Journey: A Tale of Diversification

Coinbase has been dancing around the Japanese crypto scene for a while now. Though it obtained its license back in 2019, things have been quieter than a library during exam week. Nevertheless, the exchange hasn’t been twiddling its thumbs; it has partnered with Bank of Tokyo-Mitsubishi UFJ to bolster its international expansion efforts. Now, that’s some serious networking!

What’s Next for Coinbase in Japan?

Curiosity sparked in the crypto community as Cointelegraph Japan reached out to Coinbase’s Nao Kitazawa for insights on their plans to open an exchange in Japan. Unfortunately, the response was about as silent as a cat on a hot tin roof. Stay tuned, as this development could signify whether Coinbase will eventually crack the code to local success.

Competition Heats Up: The Japanese Crypto Race

While Coinbase patiently waits, it’s not alone in the race. Other notable firms, including messaging giant LINE, have also applied for a crypto exchange operating license with the Financial Services Agency (FSA). It appears that every dog has its day, and for these companies, that day might just be around the corner.

License Achievements Beyond Japan

On a global scale, Coinbase has seen some success. In October, the exchange snagged an e-money license from the Central Bank of Ireland. Not to mention, it managed to navigate the labyrinth of U.S. regulations to register as a broker dealer with the SEC back in June 2018. Now, just imagine all the paperwork that involved—better them than us!