SEC approves Coincheck as first Japanese crypto exchange on Nasdaq

2024-11-15 09:58:53 Primitive Reading

From cointelegraph by Josh O'Sullivan

Coincheck, a cryptocurrency exchange headquartered in Tokyo and a subsidiary of Monex Group, is expected to become the first to debut on the Nasdaq Global Market as early as Dec. 10.

On Nov. 13, the United States Securities and Exchange Commission approved the exchange’s application to list on the Nasdaq.

The move, set to occur through a merger with Thunder Bridge Capital Partners (TBCP), marks the first time a Japanese crypto exchange will be listed on a US stock exchange.

The merger with TBCP, a special acquisition purpose company (SPAC), will enable Coincheck to remain a consolidated subsidiary of Monex Group after the listing. It could also encourage other Japanese exchanges to pursue similar moves.

Related: Japan slow to approve crypto ETFs, maintains strict taxes, regulations

SEC application approval

The SEC’s approval follows the Japanese crypto exchange’s filing of a Form F-4 registration statement on Nov. 7, which became effective on Nov. 12.

With the SEC green light, TBCP can now proceed to hold a shareholder vote on Dec. 5 to approve and finalize the business combination, a necessary step for the listing to proceed.

If the shareholders vote in favor, the merger with TBCP will close, and Coincheck is set to be officially listed on the Nasdaq as soon as Dec. 10, trading under the ticket CNCK.

Coincheck declaration post-submission of Form F-4 revealing its tentative Nasdaq listing for December. Source: Monex Group

Related: Japan political party leader promises crypto tax cuts if elected

Nasdaq listing implications

The planned Nasdaq listing would be a significant development for Japan and the US. If the merger is finalized, it will deepen global market integration, potentially inspiring other Japanese crypto exchanges to pursue listings in international markets.

The listing could attract more international crypto firms to American markets for the US, reinforcing the country’s expected pro-crypto regulatory stance under President-elect Donald Trump’s incoming administration.

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