Coincheck, a Tokyo headquartered digital currency exchange and a subsidiary of Monex Group, gets clearance from the United States Securities and Exchange Commission (SEC) to float on the Nasdaq Global Market platform that can pave the way for Coincheck to become the first Japanese exchange to go for the float. The green light from the SEC, received on November 13, will enable Coincheck to become the first Japanese exchange to list on N Nasdaq, possibly as soon as December 10.
The listing will be conducted using Thunder Bridge Capital Partners (TBCP), a particular acquisition purpose company (SPAC) that will enable Coincheck to be a consolidated subsidiary of Monex Group even after it is listed. This merger may compel other Japanese exchanges to consider making such a move, thus increasing the number of Japanese crypto platforms in international markets.
This was after Coincheck filed a Form F-4 registration statement on November 7 that the SEC made effective on November 12. Having obtained regulatory approval, TBCP is now ready to present the business combination for a vote by shareholders on December 5. If the shareholders approve the merger, the deal will be effective, and Coincheck will begin trading under the CNCK symbol on the Nasdaq on December 10.
SEC Approval Signals Japan-U.S. Crypto Market Integration
The listing on the Nasdaq symbolizes the relations between Japan and the U.S., and as such, integration might signify the next level of internationalization in financial markets. In the case of Japan, listing Coincheck on a leading American exchange may encourage other similarly situated Japanese crypto exchanges to list internationally and thus improve Japan-American international financial cooperation efforts.
For the U.S., listing at Coincheck may encourage more global crypto firms to enter the American markets, which has been expected to be supported by President-elect Donald Trump’s policies. Trump has declared his intentions to encourage international crypto merchants to open shop in the United States by forming a favorable regulatory body.
Coincheck’s acquisition of approval from the SEC to list on Nasdaq illustrates how the U.S.’s regulatory system for crypto assets is transforming. The agency has emerged as vital in supervising exchanges dealing in digital assets and has offered numerous letters of enforcement to protect compliance in the new economy.
However, some industry members, including the CEO of ConsenSys, Joe Lubin, have criticized the SEC’s approach, saying that the stringent regulations it has implemented will dampen innovation. During an interview at Devcon 2024 in Thailand, Lubin expressed optimism with the new political leadership regarding favorable regulation, asserting the need for a balanced process that embraces development while exercising control.
As Coincheck gets ready to list on the Nasdaq, the move will help globalize crypto markets, with more listings following suit in the future, and revamp the future of cross-border crypto trading.
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