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US virtual currency exchange to enter Japanese market

U.S.-based cryptocurrency exchange operator Coinbase Inc. has launched a new office in Japan as it prepares to enter the Japanese virtual currency market.

In a blog post on its website, the exchange operator said it is working on its business registration with Japan's Financial Services Agency to ensure it complies with local laws at every stage.

The company named Nao Kitazawa CEO of its Japanese operations. Kitazawa, who was formerly COO of fintech company Money Design, sits on the board of the Fintech Association of Japan.

Coinbase has the backing of Japan's MUFG Bank Ltd., which injected capital into the exchange operator in 2016.

MUFG Bank is a unit of Mitsubishi UFJ Financial Group Inc.