Kraken announced it will soon reopen services in Japan. The crypto exchange stated that the move is part of a larger plan to expand its services into high-growth APAC markets.
Kraken recently acquired Bit Trade and expanded its services in the Australian market. The exchange also launched funding and trading in Australian dollars.
Kraken’s announcement stated:
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 made its exit from the Japan market in 2018 so that it can refocus its resources on other markets that were growing exponentially at that time.
The crypto exchange has been preparing for re-entering Japan for two years. In that period, the company established a Tokyo-based subsidiary, Payward Asia and built internal governance and controls in accordance with local regulations.
Kraken also completed a registration as Crypto Asset Exchange Service Provider on 8 September.
The exact date for funding and trading is has not been set but the exchange expects to launch in late September or early October.
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