The US Exchange Coinbase attempts to bridge the gap between the world of cryptocurrencies and Asia by establishing its second Asian base in Japan. The news was announced on The Coinbase Blog – on June 4, 2018. The General Manager of Coinbase who authored the blog post, announced that they look forward to speeding up “the global adoption of cryptocurrency.”
To lead this initiative, Coinbase has teamed up with highly knowledgeable and respected fintech leader: Nao Kitazawa. Kitazawa’s wide range of expertise includes his experience as an international lawyer; his 6 year stint as an investment banker at Morgan Stanley, followed by his appointment as COO at Money Design.
The goals behind this expansion lie in hopes of introducing and providing Japanese corporate giants with a range of Coinbase’s services and products. A post on CCN, also mentioned that, recently in 2017, Japan had passed legislation acknowledging crypto currencies as legitimate means of payment. Furthermore, Coinbase promises to coordinate and comply with the Japanese Financial Services Agency (FSA) to ensure that all laws are taken into consideration and fairly enforced.
To ensure that the Japanese government has left no stone unturned, they also proceeded to launch another self-regulatory body of authority: The Japanese Cryptocurrency Exchange Association (JCEA). The JCEA has set up standards to be self-regulated and overlooks illegal members. These precautions and compliance measures taken by Coinbase will allow for a smoother transition for their expansion into the Japanese market. Furthermore, to ensure seamless transit they also plan to make translation services available as soon as possible.
Coupling this legislation with the expansion of Coinbase in Asia, it is visible that the world is slowly being introduced to, and normalizing the use of crypto currencies. The slow integration of a new form of payment will also provide the common man with opportunities to expand his understanding of the finer nuances of cryptocurrencies such as Bitcoin, as well as, understand the technology that allows for the creation of such an ingenious mode of transaction.
It will be interesting to see the new amalgamation and the transition of Coinbase and Nao Kitazawa. With bases in 32 countries already, Coinbase founders and its Japanese CEO Kitazawa – will really have to think out of the box and perhaps, alter the outreach strategy to accommodate the Japanese population. It is also being speculated whether GDAX, Coinbase’s trading platform, will climb up or down the ladder from its 10th position at trading by volume.
Coinbase has a long way to go to develop its base and their list of Japanese clients. The road to building their clientele will include introducing and explaining the products offered by Coinbase as they continue to internally expand their range of products, complying with the regulations set up by the Japanese FSA and gaining the trust of major investors and corporate tycoons in Japan.
The success of this venture in Asia seems to be on a slow but definite growth path. Just as their expansion in Asia has been slow but steady they should continue with this strategy as they spread their business globally.
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