According to an announcement by a cryptocurrency exchange platform, Gate.io and Financial Services Agency of Japan (FSA) today, Gate Group has successfully acquired all issued shares of Coin Master Co., Ltd., a Japanese cryptocurrency service provider.
The acquisition was carried out through Gate Japan K.K.(Gate Japan) 「CEO：Lin Han」, a Singaporean entity, which is a part of Gate Group. As of today, Coin Master Co., Ltd. will officially be renamed “Gate Japan K.K.” (“Gate Japan”), marking a significant step in Gate Group’s expansion into the Japanese market.
Gate.io announced on July 22, 2024, that it would cease opening new accounts for users residing in Japan and gradually phase out its global services for Japanese users. This strategic move aligns with Gate.io’s commitments to comply with local laws and regulations in Japan . In this context, Gate Group has acquired Coin Master Co., Ltd. with the aim of providing a localized digital asset trading platform that complies with local regulations, thereby reinforcing Gate Group’s commitment to meeting the specific needs of Japanese users and further expanding its business operations in Japan.
As the digital asset market continues to thrive, Japan, as one of the world’s leading economies, is gradually refining its regulatory framework for the industry. Gate Group is committed to adhering to regulatory requirements of Japan, ensuring transparency and regulatory compliance in its platform operations. Gate Group strives to contribute to the healthy development of the global digital asset industry while complying with local laws and regulations.
Gate Group’s global business continues to grow, and this acquisition is expected to strengthen localized operations and better serve the Japanese market. With this acquisition, Gate Japan Co., Ltd. is expected to offer more innovative products and high-quality services to local users in the future, while leveraging Gate Group’s technological advantages and resources in the global market to enhance the digital asset trading experience for Japanese users.
The post Gate Group Announces Acquisition of Coin Master Co., Ltd., Officially Entering the Japanese Market appeared first on BeInCrypto.