As recently announced, the top cryptocurrency that just became a United States Bank after winning bank charter approval, will soon reopen in Japan with spot trading in five major digital currencies such as Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC).
According to the report, the move is part of a broader initiative to expand its services into speedily growing APAC markets.
Why Kraken Is Returning To Japan with Spot Trading
Kraken believes that the Japanese market is ripe for re-entry, due to the rising interest in cryptocurrency in the region. Generally, the interest in cryptocurrency is rapidly growing across the globe, and with Japan’s crypto-friendly history, and the deep-rooted regulatory environment, the country is poised to lead in the next wave of cryptocurrency adoption.
For the past two years, Kraken has been planning to re-open its services in Japan, after exiting in 2018 to focus its resources on other markets that were experiencing notable growth at that time.
On 8th September 2020, the exchange record significant progress for re-entry. It completed its registration as a Crypto Asset Exchange Service Provider under the Payment Services Act.
Residents of Japan Can Start Creating Accounts on 18 September
Related to accounts opening by the residents of Japan, Kraken shared as follows:
- Starting September 18 at 10:00am JST, Japan residents can create accounts here: https://www.kraken.com/sign-up
- Kraken is working to launch account funding and trading as soon as possible. We recommend that clients create their accounts early so the onboarding process is complete prior launch.
- Please note that Japan residents who previously traded with Kraken will need to create new accounts.
According to the exchange, the exact date for funding and trading is not yet fixed, but service is expected to go live between late September and early October 2020.
Kraken to Start with Spot Trading for XBT, ETH, XRP, BCH, and LTC
The report emphasized that domestic JPY deposits and withdrawal through SBI Sumishin Net Bank will be available right after the launch.
Above all, spot trading in five major cryptocurrencies, including Bitcoin (XBT), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), and Litecoin (LTC). Crypto-crypto and JPY-crypto trading pairs will also be available for users.
Conclusively, the exchange stated that more assets and services will be introduced subsequently.
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