Gate.io and the Financial Services Agency of Japan (FSA)
announced that Gate Group has acquired all shares of Coin Master Co., Ltd., a
Japanese cryptocurrency service provider. The acquisition was executed through
Gate Japan K.K., a Singaporean entity within the Gate Group. As of today
(Tuesday), Coin Master Co., Ltd. will be rebranded as Gate Japan K.K.
This acquisition follows Gate.io’s decision, announced on
July 22, 2024, to stop opening new accounts for Japanese users and gradually
scale down its global services in Japan. This move is part of Gate.io’s efforts
to comply with local laws and regulations.
Gate Group Expands with Acquisition
Japan’s regulatory framework for digital assets is growing,
and Gate Group aims to align with these changes. The acquisition of Coin Master
Co., Ltd. is seen as a step towards providing a localized trading platform for
Japanese users. Gate Japan K.K will offer services that comply with Japanese
regulations, with a focus on transparency and regulatory compliance.
The move is part of Gate Group’s broader strategy to expand
its presence in Japan, a key market in the global digital asset industry. According to Gate
Japan K.K, it aims to deliver innovative products and services to local users,
leveraging the global resources and technology of Gate Group to enhance the
trading experience.
This article was written by Tareq Sikder at www.financemagnates.com.
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