Kraken Crypto Exchange Announces Its Re-entry To Japan Market
- Kraken is pleased to announce that they will soon be resuming their services in Japan.
- The move is aimed at expanding its industry-leading services into high growth APAC markets.
Back in 2018, Kraken pulled out of Japan due to high operation costs and directed its focus on improving other markets with an exponential growth at the time. This move would only affect Japanese clients operating in their homeland. Two years later and the crypto giant is back in Japan just like they had predicted they would be back soon. With the ever-growing global interest in crypto-backed by Japan’s crypto-friendly regulatory environment, Kraken is confident that Japan can be a leader in the next wave of crypto adoption.
📢 *NEW* KRAKEN IS RETURNING TO JAPAN
JPY funding and trading in 5 major cryptos will soon be available in Japan.
💰 Bitcoin (XBT)
💰 Ethereum (ETH)
💰 Ripple (XRP)
💰 Bitcoin Cash (BCH)
💰 Litecoin (LTC)
— Kraken Exchange (@krakenfx) September 18, 2020
In preparation for the re-entry, Kraken has established a Tokyo-based subsidiary, Payward Asia, and has built up international governance and controls in accordance with local regulations. In an attempt to stomp out crypto heists, regulators, along with the Japanese government, decided that all exchanges must register first in order to go on with their operations. Kraken completed its registration as a Crypto Asset Exchange Service Provider under the Payment Services Act on September 8.
Japan residents can start creating accounts starting from September 18 at 10:00 am JST. However, Japanese residents who previously traded with Kraken will need to get new accounts. Account funding and trading is still in progress and will soon be launched. Clients are urged to create their accounts early so that the onboarding process can be complete prior to the launch. The funding and trading date has not yet been set but is believed to be anytime around late September to early October.
With the launch of this project, a number of services will be offered among them:
- Spot trading in Bitcoin (XBT), Ripple (XRP), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC)
- Domestic JPY deposits and withdrawals (though SBI Sumishin Net Bank).
- Kraken plans to offer more assets and services to the public in the coming months.