Coinbase Calls Japan’s Cryptocurrency Crackdown ‘Good for Us’

US-based exchange confident its focus on security will win regulatory approval next year.

TOKYO — Major U.S. cryptocurrency exchange Coinbase said Japan’s tighter scrutiny of the industry will give it an advantage, signaling the company’s confidence in securing regulatory approval to enter a market rocked by hacking scandals.

Japan has been considered a cryptocurrency haven for its large pool of retail investors and light-touch government policies, but regulatory oversight has increased in recent months amid a series of high-profile thefts. Coinbase’s bid for approval to operate as cryptocurrency exchange here is being closely watched as a gauge of the country’s openness to new players.

Talks on obtaining a license are “going well” with the Japan’s Financial Services Authority, Mike Lempres, chief policy officer at Coinbase, told the Nikkei Asian Review in a recent interview in Tokyo. “We are… committed to getting it done. It will certainly be in 2019.”

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