Popular American digital assets outfit, Kraken crypto exchange has announced that it has plans to return to the Japanese market after an absence of two years.
In the announcement, the crypto company announced that it will enter the market via its affiliation with Tokyo based entity, Payward Asia subsidiary.
Kraken crypto exchange in the early parts of 2018 announced to its Japanese customers that it had decided to leave the market with maintenance costs cited as the major reason. However, it stressed that there might be a return sometimes in the future if things return to normal around the investment. As an initiative to continue to provide services, the company launched Payward Asia in September of the same year.
Japan’s FCA tightens review process for license approval
Over the years, foreign firms have struggled to make their marks in the crypto market in Japan which has seen domination by small and budding firms. One of the reasons why major firms have failed in their quest in the Japanese market is said to be regulatory issues.
The Financial Service Agency has warned foreign crypto firms strictly about offering service to Japanese customers without getting the needed approval. Without a proper base of operations in Japan, foreign companies will not be granted the permission hence the previous struggle by Kraken crypto exchange.
Kraken crypto exchange says 2020 is a good time to make a comeback into the Japan Market
The regulations are always reviewed at an interval of six months which has led to the tightening of regulations governing crypto exchanges in the country. In its post, Kraken crypto exchange announced that its subsidiary, Payward Asia has undergone and successfully passed the review test and has the much-needed license to operate in the country.
The company further noted that the permit that was granted on September 8 means that the platform would be ready for an official launch any time from now. “2020 looks like the best year to make a comeback to the Japan market because of the good environment in the country”, Kraken crypto exchange.