Shiba Inu Breaks into Japan's Institutional Market with New Exchange Approval
Shiba Inu has made a significant move in Japan's institutional market after being included among six approved cryptocurrencies at Laser Digital Japan, a crypto investment company that completed registration with Japan's Financial Services Agency (FSA) on August 21.
The FSA issued a license to the new exchange for the first time in four years. The exchange passed a rigorous review and selected the six assets as priority support: Bitcoin, Ether, XRP, Bitcoin Cash, Litecoin, and Shiba Inu.
The inclusion of Shiba Inu was possible because it was on the Japan Virtual and Crypto Assets Exchange Association (JVCEA) green list. Tokens on the green list can be listed by local platforms through a simplified process.
Retail adoption in Japan has also aligned with this trend, with e-commerce giant Rakuten opening Shiba Inu trading to 44 million users and 5 million merchants around April and running a large-scale token giveaway campaign and a physical prize event in June. Marketplace Mercari also began Shiba Inu trading through its unit Mercoin.
Laser Digital Japan was designed to target institutional funds, planning to supply wholesale liquidity to local crypto platforms at an initial stage and then expand trading access to companies and investment funds.