Binance to Launch Fully Compliant Crypto Services in Japan by August

Binance Re-enters Japanese Market Following Acquisition of Sakura Exchange BitCoin

Binance, the largest crypto exchange, is set to launch fully compliant digital asset services in Japan by August. This marks the company’s return to the Japanese market after being forced to exit in 2018 due to regulatory issues. The move comes after Binance acquired Sakura Exchange BitCoin, a locally regulated digital trading venue, in November 2022.

Key Points:

Binance is re-entering the Japanese market following its acquisition of Sakura Exchange BitCoin.
The company was previously warned by Japan’s Financial Services Agency (FSA) in 2018 for operating without a license.
Prime Minister Fumio Kishida is promoting web3 innovation and policies to encourage digital asset operators in Japan.
Japan’s National Tax Agency granted a tax exemption for token issuers, and rules were introduced to simplify token listings on crypto exchanges.

This development aligns with Prime Minister Kishida’s vision for Japan’s economic growth, where crypto and web3 technologies play a crucial role. The government aims to implement user protection measures and incentives to boost the local web3 ecosystem. Binance’s acquisition of Sakura Exchange BitCoin indicates its intention to establish a presence in the Japanese market.

Hot Take:

Binance’s re-entry into the Japanese market highlights the growing acceptance and recognition of crypto and web3 technologies by governments. The move also demonstrates Binance’s commitment to complying with regulations and expanding its global footprint. The Japanese market presents significant opportunities for crypto exchanges, and Binance’s entry could pave the way for further growth and mainstream adoption in the country.