Kraken, the San Fransisco-based digital assets exchange, says it will soon relaunch its services in Japan after shuttering its doors in the country for two years.
In a blog post, Kraken explains why it left Japan in 2018 and why the crypto exchange is now making a move to re-establish its position in the country.
“Kraken exited Japan in 2018 in order to focus its resources on improving in other markets that were growing exponentially at the time…
We believe 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 also highlights that its move back into Japan is part of its efforts to grow its foothold in the high-growth Asia-Pacific region. In addition, the crypto exchange says it has been preparing for its re-entry to Japan with the establishment of Tokyo-based subsidiary Payward Asia while building an infrastructure that complies with the country’s regulatory landscape.
Kraken says that Japanese traders will be able to create accounts on the crypto exchange on September 18th at 10:00 am JST. While the exact date for funding and trading is not yet set, the crypto exchange expects the relaunch to happen between the end of September and the start of October.
Upon relaunch, Kraken will enable clients in Japan to spot trade five major cryptocurrencies: Bitcoin (XBT), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC). Crypto to crypto and JPY to crypto pairs will be available. Deposits and withdrawals can be done in Japanese yen (JPY) through SBI Sumishin Net Bank.