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In a groundbreaking move, Coincheck, a Japanese cryptocurrency exchange owned by Monex Group, has secured SEC approval to list on the Nasdaq, making it the first Japanese crypto exchange to do so. The Dec. 10 listing signals a significant step in global market integration for Japan's crypto industry.
Coincheck Leads Japan's Crypto Market Toward Nasdaq
One of the first cryptocurrency exchanges to list on the Nasdaq Global Market is Coincheck, a Tokyo-based subsidiary of Monex Group. Coincheck is anticipated to make its debut as early as December 10th.
The Nasdaq listing application was approved by the US Securities and Exchange Commission on November 13th.
This will be the first instance of a Japanese cryptocurrency exchange being listed on a US stock exchange; the merger with Thunder Bridge Capital Partners (TBCP) is the means by which this will happen.
Setting a Precedent for Japanese Crypto Exchanges
After the IPO, Coincheck will continue to be a consolidated subsidiary of Monex Group thanks to the merger with TBCP, a special acquisition purpose company (SPAC). This may set an example for other Japanese exchanges to follow.
The Japanese cryptocurrency exchange applied for and received SEC permission after submitting a Form F-4 registration statement on November 7; the statement became live on November 12.
After receiving approval from the SEC, TBCP can go forward with the listing by holding a shareholder vote to approve and conclude the business combination on December 5th.
Countdown to Nasdaq Debut: December 10
Coincheck is scheduled to be officially listed on the Nasdaq as soon as December 10th, trading under the ticker CNCK, pending a favorable shareholder vote that closes the merger with TBCP.
Both Japan and the United States would see the projected Nasdaq listing as a major development. If the merger goes through, it will further integrate global markets and may encourage other Japanese cryptocurrency exchanges to seek listings in foreign markets.
A Potential Boost for the U.S. Crypto Landscape
With President-elect Donald Trump's administration expected to take a pro-crypto regulatory posture, the listing could entice more overseas crypto firms to join the US market.
By issuing numerous Wells notices and conducting stringent surveillance of digital assets, exchanges, and businesses, the SEC has influenced US crypto.
Industry Criticism of SEC’s Crypto Oversight
At Devcon 2024 in Thailand, Consensys CEO Joe Lubin spoke with Cointelegraph and blasted the SEC for limiting crypto sector progress.
Lubin reiterated this hope for a seamless leadership transfer at Devcon 2024, and Consensys has also addressed an open letter to the next US president, urging for crypto and Web3 legislation that are favorable.
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