Coinbase boldly states it is aiming for permission from Japan's Financial Services Agency, saying "Japan's regulatory environment is good for us"
US cryptocurrency exchange Coinbase expressed confidence about entering Japan. A policy officer from the company said that Coinbase’s strong security measures would help ensure approval from Japan’s Financial Services Agency (FSA). They believe Japan’s regulatory environment will work in Coinbase’s favor, and that there is strong demand in the Japanese market. This was reported by Nikkei Asian Review on the 10th.
Japan’s regulatory environment is “good for Coinbase”
According to Coinbase, Japan’s stringent security (asset safety) requirements in the crypto industry align with the company’s strengths and would work in its favor when obtaining approval from Japanese regulators.
Coinbase Chief Policy Officer Mike Lempres said in an interview with Nikkei Asian Review in Tokyo that discussions with the Financial Services Agency on licenses were “going smoothly.”
“We are… committed to getting it done. It will certainly be in 2019.”
“我々はこの達成を約束している。確実に2019年に実現するだろう。”
Just last month, when Coinbase opened its NY office, the company expressed its intention to expand into Japan. The company prides itself on its security measures. According to Lempres, it has dozens of dedicated employees, with 99% of assets stored offline (in cold wallets) and only 1% stored in a hot wallet, all of which are fully insured.
“The Japanese government places more emphasis on security. That is good for us.”
