Binance To Operate Back in Japan as PM Reaffirms Web3 Adoption

The world’s premier crypto exchange platform is set to start operations for Japanese customers according to an announcement from CEO Changpeng Zhao in the WebX conference in Tokyo held today.

Last November 2022, Binance announced that it has acquired Japanese crypto exchange Sakura Exchange BitCoin (SEBC), an exchange registered in the Japan Financial Services Agency (JFSA). This move was the start of Binance’s expansion to the country, and at the same signaled its commitment to work with regulators. Now, the exchange is all set to offer its full services to customers.

In the same event meanwhile, Japanese Prime Minister Fumio Kishida reaffirmed Japan’s welcoming stance to Web3, calling it “a new form of capitalism.” Koichi Hagiuda, the Policy Research Council chairman of Japan’s ruling Liberal Democratic Party (LDP), noted the party’s ongoing efforts to create a regulatory framework for cryptocurrency in the country.

Japan has been slowly turning into a cryptocurrency hub in Asia. The LDP has recently announced a 30% tax break for companies issuing cryptocurrencies in order to improve conditions for the emerging sector. It has also published a whitepaper last March outlining the party’s position on crypto and cursory plans of action. On top of this, Japanese firms unveiled a collaborative project to create the country’s first metaverse infrastructure, designed to ease ordinary people into the world of digital assets.

Binance on the other hand has been looking for greener pastures as it is currently locked in a bitter legal battle with the United States Securities and Exchange Commission (SEC). Besides setting up shop in Japan, the exchange is eyeing a move to Dubai, another country noted for its pro-crypto policies. Asia looks to be the next big hub for cryptocurrency, as the U.S. attempts to crackdown on cryptocurrency exchanges.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.