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- Japan Financial services regulators are Japan Financial Service Agency (FSA) and Japan Virtual Currency Exchange Association (JVCEA).
- On June 4, 2018, Coinbase announced that it is going to expand its business to Japan under the leadership of Financial Technology leader Nao Kitazawa.
- Class II members are the frameworks of business that are applying for or intend to apply for virtual currency exchange business registration as prescribed in Article 63-3 of the “Funds Settle Act”.
Japan Virtual Currency Exchange Association
Japan is known to be a very slow country when it comes to adopting the digital currency. Japan is known for its immense love towards solid physical hard cash.
Recently Japan Ruling party announced that it is going to launch its own digital version of cash known as Digital yen. The initiative is in its initial stage but Japan is already having governing bodies to govern digital currency.
The Financial services regulators are Japan Financial Service Agency (FSA) and Japan Virtual Currency Exchange Association (JVCEA).
The Financial Service Agency is a Japan’s Government agency and an integrated financial regulator responsible for overseeing securities and exchange, banking and insurance sectors to ensure there is stability in the financial system of Japan.
Japan’s Virtual Currency Exchange Association (JVCEA) is a self- regulatory body for cryptocurrency exchanges and it has been authorized to define a set of rules for the operation of local trading platforms. It is accredited by Japan Financial Service Agency (FSA).
Coinbase Added as Class II members by JVCEA
Coinbase is a secure cryptocurrency-based platform for customers to buy, sell and store digital assets like Bitcoin, Ethereum and more. On June 4, 2018, Coinbase announced that it is going to expand its business to Japan under the leadership of Financial Technology leader Nao Kitazawa. Coinbase explained that they are major steps to achieve our goal of global Expansion.
Today Coinbase got serious about its establishment in Japan. The Japan Virtual Exchange Association (JVCEA) announced that it joined Coinbase Corporation as a Class II member along with two more companies. with
Class II members are the frameworks of business that are applying for or intend to apply for virtual currency exchange business registration as prescribed in Article 63-3 of the “Funds Settle Act” and the move clearly shows how these three companies are trying hard to become a new trading company inside Japan.
