Crypto Exchange Binance Reportedly Planning To Enter Japan

Crypto Exchange Binance Reportedly Planning To Enter Japan
  • The government body in Japan has previously proposed lowering taxes on crypto.
  • The expansion of Web3 companies is part of Prime Minister Fumio Kishida.

Binance, the largest cryptocurrency exchange in the world, is re-entering the Japanese market after a four-year hiatus, and its CEO, Changpeng Zhao, is leading the charge. According to the report, Binance is taking steps to get a business license in Japan. The East Asian nation takes digital assets and the prospective expansion of its user base in stride.

Following the Japanese government’s forthright position, Binance is once again interested in re-entering the East Asian nation. Moreover, Japan has the world’s third-largest economy. As a result, this adjustment may work out well for the biggest cryptocurrency exchange in the world.

Japan a Key Market For Binance 

However, a spokesperson for Binance reportedly declined to comment on the company’s meeting with authorities. But he did say that the cryptocurrency trading platform is dedicated to engaging with lawmakers and authorities. Its mission is to promote the growth of the business by policymaking that safeguards its users.

Binance has been given the MVP license in Dubai, as was previously reported. The cryptocurrency exchange was given permission by the Virtual Asset Regulatory Authority (VARA) to offer user funds in domestic banking institutions.

The expansion of Web3 companies is, however, part of Japanese Prime Minister Fumio Kishida’s plan to stimulate the country’s economy. The government body in this East Asian nation has previously proposed lowering taxes on cryptocurrency. This follows calls from influential organizations for reforms to the country’s prohibitively high corporation tax rate. Some companies even moved to Singapore because of these issues.

CZ, the CEO of Binance, has been hinting at plans to establish a presence in Japan since 2018. Unfortunately, the statement sparked investigations into the trade by securities authorities. A formal warning to cease operation without a valid license was also issued by the regulator.

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Content writer by profession. A crypto lover and has passion for writing. Follows the developments of digital currency right from its launch, years ago.