Coinbase, the largest US cryptocurrency trading service, has made an entry into the Japanese market and set to commence operations.

Coinbase unveiled its plan to enter the Japanese crypto market back in 2018. The company said at the time that it would be “working hand-in-hand with the Japanese FSA to ensure compliance with local laws at every stage.”

In March 2020, Coinbase joined as a member of the Japan Virtual Currency Exchange Association, a self-regulatory organization approved by the FSA. The company has been hinting at an entry into Japan for years and finally began making moves by engaging in a hiring spree across the country’s capital of Tokyo after joining the association.

Just to start, Coinbase Japan announced that they will be offering and handling five major types of crypto assets, which are Bitcoin (BTC), Ethereum (ETH), Stellar Lumens (XLM), Litecoin (LTC), and bitcoin cash (BCH). More cryptocurrencies are expected to be added once Coinbase’s registration has been finalized.

Japan’s top financial regulator, the Financial Services Agency (FSA), announced last week that it has registered Coinbase as a crypto exchange service provider based on the revised Fund Settlement Act.

The approved entity is a Japanese subsidiary of Coinbase Global, a Nasdaq-listed company.

Coinbase CEO, Brian Armstrong has made it a point to expand its crypto-asset trading service business for individuals and institutional investors mainly in North America. The company also wants to expand its earnings and capacity in the asset management business. In April 2021, Coinbase was listed directly on the US Nasdaq market, becoming the first cryptocurrency exchange to go public. Since the listing, the company has been actively promoting merger acquisition in the cryptocurrency asset area.