Japan’s Crypto Regulator JVCEA Lists Coinbase as Second-Class Member

Japan’s Crypto Regulator JVCEA Lists Coinbase as Second-Class Member

Japan Virtual Currency Exchange Association (JVCEA) has announced that Coinbase, Digital Asset Markets, and Tokyo Hash have been listed as second-class members.

Such companies can be registered with JVCEA as crypto exchanges or firms planning to apply.  

In 2019, Coinbase announced obtaining a license to operate in Japan, but did not make any progress in this regard. However, the company found other way to boost its presence in Japan. For example, it entered into a strategic partnership with Bank of Tokyo-Mitsubishi UFJ, to boost Coinbase’s long-term expansion efforts.

Registered platforms in Japan

Other major companies have applied for a license to operate as a crypto exchange under the umbrella of FSA, such as the giant messaging company LINE.   

Coinbase has not yet succeeded in Japan. However, it obtained an e-money license from Ireland’s central bank in October.

Moreover, the exchange also moved to the U.S. to register as a broker dealer with the Securities and Exchange Commission (SEC) in 2018.

Earlier, Cryptolydian reported that Coinbase has been approved as a Visa principal member.

The firm stated that it became the “first pure-play crypto company” the credit card giant approves.

Moreover, Coinbase has been partnering with Visa Since April 2019, when it launched Coinbase Card in the UK. The debit card allows users to cash out cryptocurrencies anywhere Visa is accepted. Since then, users in 29 markets have been using the card.

Coinbase, Ripple seek to boost crypto adoption

Last month, two Coinbase and Ripple officials led a campaign for smart crypto legislation and accountability that would drive growth and boost blockchain technology.

Thus, the co-chairs of the Business Integrity Working Group ask regulators to understand how they can push the cryptocurrency business forward.       

In a joint statement, Rachel Nelson, Coinbase’s senior managing director, and Breanne Madigan, Ripple’s head of global investment markets, stated:

“To improve market integrity and provide consumers the confidence they deserve, Congress may need to enact legislation to support the orderly and secure functioning of crypto markets.”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.