Binance is seeking a permit to return to the Japanese market after four years. The world’s largest virtual asset exchange retreated from the East Asian country in 2018 as it did not have a license to operate there at that time.
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Binance is seeking a license to operate in Japan, per the update posted on the Internet by business and markets news reports source Bloomberg.
The world’s biggest crypto-asset exchange has renewed interest in the world’s third-largest economy due to the latter’s considerable potential for virtual asset user growth.
Japan’s easing approach to cryptocurrencies is another significant reason for Binance’s interest in operating in Japan.
Prime Minister Fumio Kishida has a wider plan for reinvigorating the Japanese economy under the “New Capitalism” rubric that comprises support for Web3 companies’ growth.
Web3 pertains to a vision of a decentralized Internet built around cryptocurrency’s underlying technology and blockchains.
A spokesperson of Binance affirmed that the cryptocurrency exchange is committed to working with policymakers and regulators.
They remarked that they aim to move the cryptocurrency industry forward, encourage innovation, and shape policies safeguarding consumers.
Binance operates in several Asian territories, including India, Thailand, Indonesia, and Malaysia, via partnerships.
In different jurisdictions, including the United States, the cryptocurrency exchange has been regulatory investigations’ target. Binance has affirmed that it collaborates with authorities and will carry on fulfilling the requirements that government officials set.
Binance’s billionaire co-founder Changpeng Zhao abandoned an intent to build a headquarters in Japan four years ago.
This event happened after inquiries from the East Asian country’s securities regulator, the Financial Services Agency, that resulted in an official notice for Binance to halt its operations in Japan without a permit.
Additionally, Binance received a similar warning for not following the registration rules last year. The Financial Services Agency proposed relaxing corporate tax rules for cryptocurrencies last month.
Lobbying groups have called for alterations. They argued that high corporate taxes have led to some companies relocating to Singapore and other countries.
Binance is one of the foreign companies seeking to push into the Japanese cryptocurrency market.
Amber Group is a Singaporean cryptocurrency exchange backed by Temasek Holdings Limited, a Singaporean state holding firm that the Government of Singapore owns.
It purchased DeCurret Incorporated this year, a virtual currency exchange that has operated in Japan since 2018. We are glad about Binance’s plan to set up a Japanese base.
We think this step by the world’s biggest virtual asset exchange will considerably benefit Japanese cryptocurrency traders and investors. Hence, we hope Binance secures the needed license as soon as possible.