The San Francisco-based cryptocurrency exchange Kraken is now returning to Japan after getting registered as a Crypto Asset Exchange Service Provider under the Payment Services Act.
Back in 2018, the exchange was forced to exit the Asia market citing business maintenance costs after the regulators increased scrutiny of the crypto sector following the $530 million hack of Coincheck exchange.
But now, through its Japanese subsidiary, Payward Asia Ltd., which has been granted the permit to operate in the country, Kraken is back.
The platform will start with five cryptos viz. Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH), and Litecoin (LTC) in both crypto-to-crypto and (Japanese Yen) fiat-to-crypto trades.
The exchange is planning to start offering its services by the next week, in the middle of September. “Kraken feels 2020 is the best year to restart the business in Japan because of the healthy market environment, among other reasons,” reads the official announcement.
However, because of no account-transfer option, customers who have been using Kraken services before April 2018 have to open a new account under the new procedure.