Binance’s Japanese Market Re-entry
Crypto exchange giant Binance is set to make a triumphant return to the Japanese market after a four-year absence, following its acquisition of the locally regulated digital trading venue, Sakura Exchange BitCoin, in November 2022. The move comes as Japan’s Prime Minister, Fumio Kishida, champions web3 innovation and strives to create a favorable environment for digital asset operators in the country.
Binance will re-enter the Japanese market for the first time since 2018 following its November 2022 acquisition of Sakura Exchange BitCoinhttps://t.co/KtCtyCFe9b
— crypto.news (@itscrypto_news) July 25, 2023
Compliant Services for Japan
Binance’s previous presence in Japan was met with regulatory challenges, prompting the Financial Services Agency (FSA) to issue warnings in both 2018 and 2021 for operating without a license. Amid growing pressure from financial watchdogs, the exchange ceased all activities in the country, resulting in a void of compliant digital asset services for Japanese users.
However, the November 2022 acquisition of Sakura Exchange BitCoin presented an opportunity for Binance to re-enter the Japanese market and provide fully compliant services for users by August. Sakura Exchange BitCoin is a local digital asset platform regulated by Japan’s FSA, making it a strategic addition to Binance’s global expansion plans.
Japan’s Prime Minister, Fumio Kishida, has been actively advocating for web3 innovation and policies that foster a thriving digital asset ecosystem. During his speech at the WebX conference in Tokyo, Kishida emphasized the significance of crypto and web3 technologies in driving Japan’s economic growth, unveiling his “New Capitalism” policy approach.
Tax Exemptions and Token Rules Streamlined
In line with Kishida’s vision, the National Tax Agency of Japan granted a tax exemption for token issuers, while the Japan Virtual and Crypto Assets Exchange Association (JVCEA) streamlined rules for token listings on crypto exchanges. These measures are intended to safeguard users while promoting a vibrant web3 landscape within the country.
Binance’s re-entry into Japan is poised to bring a wave of excitement to the Japanese crypto community. With the acquisition of Sakura Exchange BitCoin, Binance has demonstrated its commitment to regulatory compliance, setting the stage for a successful comeback. By aligning with Japan’s evolving web3 policies, Binance aims to provide a secure and robust platform for users to access digital assets seamlessly.
