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.
Related: Japan’s major banks back new stablecoin project for global trade
SEC influence over crypto
The SEC has shaped crypto in the US through its rigorous oversight of digital assets, exchanges and firms, including issuing multiple Wells notices.
Consensys CEO Joe Lubin, in an interview with Cointelegraph at Devcon 2024 in Thailand, criticized the SEC for restricting innovation in the crypto industry.
Consensys also issued an open letter to the next US president, calling for supportive regulations for crypto and Web3 — a sentiment Lubin echoed at Devcon 2024, where he expressed hope for a smooth transition in SEC leadership.
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