Coinbase Top Manager Approves Tough Crypto Policy Of Japanese Authorities
An American crypto exchange Coinbase, anticipating to obtain a Japanese regulator's license to work in this country, is satisfied with the strict measures that the Financial Services Agency (FSA) applies to trading platforms, Nikkei Asian Review reports.
Mike Lempres, chief policy officer at Coinbase, stated in an interview with the Japanese media that negotiations with the regulator are being conducted smoothly. The attention of the FSA to the security of the crypto exchange can be considered a good sign for Coinbase.
The US trading crypto platform assumed obligations to open a division in the Japanese market, and, in 2019, the company will receive permission from the regulator, according to Lempres.
There is only one issue bothering Coinbase – the FSA may require the creation of a separate exchange system to operate in Japan. However, the company’s top manager believes that this condition will significantly increase the security risks. Moreover, the platform has all the means of protection in the United States, dozens of its employees are engaged in security, and there is no need to develop something new for each country separately.
The Financial Services Agency of Japan strengthened control over crypto exchanges in January 2018, when the Coincheck trading platform was hacked, and the attackers managed to steal $532 million. The financial regulator began to conduct inspections and made stringent requirements for obtaining a license.
As previously reported, the market valuation of Coinbase can rise to $8 billion after the investment by Tiger Global, a venture company from New York.