Binance Exchange continues to expand its geographical presence in the global market. Earlier, the management of the largest cryptocurrency exchange focused its efforts on promotion in the Middle East region. Now it’s Japan’s turn. At the moment, an appropriate package of documents is being formed, which will be handed over to the authorities of the country in order to obtain a license to carry out activities.
Why exactly now the management of the exchange decided to enter the Japanese market
After the government changed in Japan once again, the new head of the Cabinet F. Kushido, known for a more loyal attitude to virtual assets, called for making the legislation on cryptocurrencies more liberal and progressive than before. The new economic policy of Japan assumes the presence of a virtual coin market, and this sector is assigned one of the leading roles in the development of the national economy.
As soon as this became known, the Binance exchange decided to try to enter the Japanese market again. As you know, now the head of the Cabinet of Ministers is focused on reviving the economy and providing support to companies working in the field of Web 3.0.
Since the government chose such a course, it aroused the interest of a number of cryptocurrency platforms, including the Binance exchange. Representatives of the company acknowledged the fact that consultations are currently underway with the regulatory authorities of the country. But no further details about the stage of negotiations were given to journalists.
Representatives of the exchange only indicated that consultations are underway and they are productive. All other details will be reported additionally.
What regulations have already been adopted in Japan to liberalize the sphere of cryptocurrencies
According to representatives of the Japanese cryptocurrency Asset Exchange Association, the process of long-term verification of tokens before listing on exchanges will be eliminated. The inspections will take place in a short time.
Also, several laws have already been adopted concerning the regulation of stablecoins, they have been recognized as corresponding digital financial assets. In addition, in August, a plan was presented from Japanese cryptocurrency companies, according to which it is possible to create an environment for firms working in the digital economy more progressive.
This plan is already under consideration by the financial services agency. In the near future, some developments of this plan will be formalized into regulations. The country’s regulators also recommend that the government reduce corporate taxes related to cryptocurrency assets.
All of the above measures have been taken in order to prevent the departure of private investors and organizations working in the field of blockchain from the country to other states. The government is concerned that the Singapore authorities are increasingly luring Japanese organizations and startups to themselves. Therefore, appropriate measures are being taken. They could not go unnoticed by large crypto exchanges such as Binance.
An interesting fact is that a few years ago the exchange was already trying to enter the Japanese market and then it was warned that it was acting without the permission of regulators. The exchange was even accused of violating several laws of the country and threatened with criminal cases if the site continues to violate Japanese law. Now the situation has completely changed.
When exactly will Binance exchange get the right to operate on the Japanese market As mentioned earlier, representatives of the exchange have not yet given detailed comments on the progress of negotiations with regulators. At the same time, the management of the site expects that the application review process will not be long, taking into account the position of the government. Therefore, it cannot be ruled out that by the end of this year Binance will receive a license from the Japanese authorities to carry out trading operations.
