After a two-year hiatus, US crypto exchange Kraken finally re-launches in Japan, as it has been announced last October 22.
It has also become the first cryptocurrency exchange to gradually enter the Japanese market without attainment.
Kraken comes back to Japan
Seven weeks after its Japanese subsidiary, Payward Asia Ltd had completed the pre-requisite registration process. Afterward, it was awarded a business permit in Japan’s Payment Services Act.
Their success is rooted in their strong partnership with JFSA regulators and the banking partners on top of the deep knowledge of the local landscape.
Exceedingly, the exchange stated that their re-entry is a part of their strategic plan to amenably expand to the APAC region, have allowed the residents to fund their accounts and trade supported digital assets.
Remarkably, the cryptocurrency market scene in Japan is now active and one of the largest in the world. It has been estimated that the active crypto trading at over two million.
Remarking, David Ripley, the CEO of Kraken, stated:
Regulation’s Role in Crypto Expansion
The regulators in Japan are even stricter. As it has been mandated by the law, they have taken the extra steps to protect the investors.
The country regulator sprang into action after the CoinCheck hack that saw over $500M worth of NEM lost.
Other instituted changes have included a new registration of cryptocurrency exchanges that plans to enter the Japanese scene.
Moreover, the exchanges were required to distinct their operational funds from the clients all the while enforcing Know-Your-Customer (KYC) laws.
Although stringent, regulatory certainty and clarity are what cryptocurrency firms like exchanges and blockchain projects that are required.
As it was reported, the CEO of Ripple, Brad Garlinghouse, has singled out Japan’s regulatory setting as appropriate.
Because of the absence of defining regulations in the United States, Ripple was likely to move to Japan, Singapore, the UK, Switzerland, the UAE, where laws are stronger.