San Francisco based cryptocurrency exchange Kraken has announced that it will soon be reopening services in Japan, after leaving the country in 2018.. Kraken said that the Japan reopening is part of a broader initiative to expand its services into high-growth APAC markets.
The announcement follows Kraken’s recent expansion into the rapidly growing Australian market with the acquisition of Bit Trade and the launch of funding and trading in Australian dollars.
Kraken stated that it believes the Japan market is ripe for re-entry. Interest in cryptocurrencies is spiking globally, and with its crypto-friendly history and well-established regulatory environment, Japan is poised to be a leading country in the next wave of crypto adoption.
Kraken exited Japan in 2018 in order to focus its resources on improving in other markets that were growing exponentially at the time.
However, Kraken said it has been preparing for the re-entry for two years, in that time establishing a Tokyo-based subsidiary, Payward Asia, and building up internal governance and controls in accordance with local regulations.
Kraken completed its registration as a Crypto Asset Exchange Service Provider under the Payment Services Act of Japan on September 8.
Japan residents can create accounts at Kraken starting today, September 18
Kraken stated that it is working to launch account funding and trading as soon as possible. It recommends that clients create their accounts early so the onboarding process is complete prior to launch. Japan residents who previously traded with Kraken will need to create new accounts.
A few more issues regarding Kraken’s Kapan re-opening:
When will Kraken launch Japan service?
The exact date for funding and trading has not yet been set, but the company expects to launch in late September or early October.
What services will be available at launch?
- Domestic JPY deposits and withdrawals (through SBI Sumishin Net Bank).
- Spot trading in 5 major cryptocurrencies – Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC). Both crypto-crypto and JPY-crypto trading pairs will be available.
- The company noted it plans to offer more assets and services in the coming months.