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Coinbase Welcomes Japan’s Cryptocurrency Clampdown

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Japan's cryptocurrency

Japan’s toughened stance on several crypto exchange platforms has received support from Coinbase, the U.S. crypto exchange giant.

Interestingly, Coinbase is waiting for its operating license from the Japanese regulators. According to Coinbase, the latest Japanese stance gives it an upper hand over its competitors. Moreover, Coinbase is raring to prove its mettle in a market that has witnessed some severe hacking scandals. Therefore, it becomes easy to understand the appreciation displayed towards Japan’s clampdown on cryptocurrencies.

Japan Clampdown doesn’t change much

The Chief Policy Officer of Coinbase, Mike Lempres says the regulator’s focus on security boded well for everyone, including their company.

He also claimed that the talks for obtaining the license were moving in the right direction.

In addition, Coinbase has exuded immense confidence lately regarding its prospects of acquiring an operating permit from the Japanese regulators.

However, Lempres has maintained that the regulatory approval is subject to the outcome of the discussions on a few issues. One such problem is approval on the management of the exchange’s system from outside Japan. The permission has to come from Japan’s Financial Services Agency (FSA). Such consent would reduce any possible security risks for Coinbase. However, such a move would also impede FSA’s ability to surveil transactions.e

Japan’s focus on security is not an impediment

A series of high profile exchange hacks have rocked the country’s exchange industry. It has consequently resulted in a loss of billions of dollars of the investors’ money. Therefore, the tightened grip on the regulatory framework hardly comes across as a surprise.

Lempres has also acknowledged the concerns of the Japanese government. He further claimed that the reputation of Coinbase depended upon the safeguarding of its clients’ interests.  After all, the security of client investments comes before anything else.  He also claimed that Coinbase devotes far more resources to the security of its customers’ assets.

Thus, he welcomed Japan’s toughened stance on the crypto exchange.

 

 

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