Four years after tightened regulations forced its exit from the country, Binance, the world’s largest cryptocurrency exchange by trade volume, is reportedly seeking a permit to once again offer services in Japan.
Binance to Return to Japan
In 2018, Japan’s Financial Services Agency (FSA) cautioned Binance in relation to operating in the region without registration, leading to the exchange’s eventual exit from the country. Now, Binance is looking to return to Japan, but this time through the appropriate regulatory channels.
According to a Binance spokesperson, the exchange is now “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.”
Japan Eases Crypto Regulation
Binance’s potential return to Japan follows the country’s decision to ease its approach to crypto regulation as a means of increasing the investor interest in the third largest economy in Asia.
In June, Japan announced that stablecoins were legally recognized as digital money, and in August, Japan’s FSA proposed relaxing corporate tax rules on crypto assets.
The measures align with Prime Minister Fumio Kishida’s “New Capitalism” vision for boosting Japan’s economy. As a result of the policy, Prime Minister Kishida has pledged to help support the growth of the country’s Web 3.0, NFT, and metaverse businesses.
On the Flipside
- Japan’s relaxed stance is in stark contrast to some of the tougher regulatory oversight emerging in countries around the globe, as the crypto crash continues.
Why You Should Care
Japan’s new stance to crypto regulation paves the way for Binance’s potential return to Asia’s third largest economy.
Read more on the legalization of stablecoins in:
Japan Passes Stablecoin Bill to Protect Crypto Investors
Read about the stricter regulations from other Asian countries in:
Indonesia Considers Stricter Regulations On Crypto Exchanges
