- In a press release, Coin Master mentioned “Please take into account that the alteration in shareholders will not affect the services we offer to our customers.”
- The Financial Services Agency (FSA) inflicts severe regulations on the crypto exchange sector from Japan.
- After this possession, Gate Japan Co., Ltd. is anticipated to provide more revolutionary products and high-quality services to local users in the coming months.
Gate(dot)io, a leading cryptocurrency exchange is planning to return to Japan after signing the deal to purchase Coin Master, a Japanese crypto service provider. The crypto exchange revealed through a blog post that it had purchased all the outstanding shares of Coin Master.
However, the amount paid for the purchase is not revealed yet. The possession was done through Gate Japan K.K. headed by Lin Han, which is a part of Gate Group. The Coin Master Co., Ltd. will be officially renamed Gate Japan K.K., witnessing a massive step in Gate Group’s growth in the market of Japan.
The possession of Coin Master Co., Ltd
On July 22 of this year, Gate(dot)io publicized that it would put a stop to opening new accounts for users based in Japan and gently discontinue its global services for users from Japan. This move is a part of the commitments given by Gate(dot)io to comply with local laws as well as regulations in the country.
Gate Group took possession of Coin Master Co., Ltd. with the target of offering a localized virtual asset trading platform that acts in accordance with local regulations, in that way fortifying Gate Group’s commitment to meet the requirements of users from Japan and then bolstering operations in Japan.
In a press release, Coin Master mentioned “Please take into account that the alteration in shareholders will not affect the services we offer to our customers.” It also noted that it would continue its operations under the “Gate Japan” name.
More revolutionary products are anticipated
Gate(dot)io noted that it will give further details regarding transfer procedures for customers who have accounts on their global platform. It also promised to give information about new registrations for the trading platform for the natives of Japan. The firm further went on to mention that it would update customers by giving more details regarding the services provided by the platform, and the coins it will manage.
In the emerging virtual asset market, Japan is considered a leading economy in the world, and it is steadily clarifying its regulatory substructure for the industry. Gate Group has given a guarantee to stick with the regulatory requirements of Japan.
The Financial Services Agency (FSA) inflicts severe regulations on the crypto exchange sector from Japan. The companies that already hold FSA-issued trading permits can operate in Japan. The agency has shifted to alert and penalize overseas firms that aim for Japanese customers.
After this possession, Gate Japan Co., Ltd. is anticipated to provide more revolutionary products and high-quality services to local users in the coming months, at the same time exploiting the technological advantages of Gate Group.
