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Coinbase calls Japan's cryptocurrency crackdown 'good for us'

US-based exchange confident its focus on security will win regulatory approval next year

TOKYO -- Major U.S. cryptocurrency exchange Coinbase said Japan's tighter scrutiny of the industry will give it an advantage, signaling the company's confidence in securing regulatory approval to enter a market rocked by hacking scandals.

Japan has been considered a cryptocurrency haven for its large pool of retail investors and light-touch government policies, but regulatory oversight has increased in recent months amid a series of high-profile thefts. Coinbase's bid for approval to operate as cryptocurrency exchange here is being closely watched as a gauge of the country's openness to new players.

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