Binance, the world’s largest cryptocurrency exchange, is set to apply for a license to operate in Japan. This latest development comes four years after the cryptocurrency exchange stopped operating in the country.
People familiar with the matter told Bloomberg that Japan’s friendlier approach towards cryptocurrencies is the reason why Binance is looking to resume operations in the country once again.
This latest development comes as the Japanese government looks to adopt more Web3-friendly policies under its new prime minister, Fumio Kishida. The new prime minister is looking for a new capitalist solution to the country’s sluggish growth and growing inequality. Politicians and other policymakers in Japan have been working on wide-ranging policies, from reforming crypto and NFT taxation to attracting crypto talent.
Earlier this year, the prime minister told investors in London that Japan will develop an environment for the promotion of Web3, such as blockchain, NFTs and the metaverse.
A spokesperson told Bloomberg that’
“Binance is committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.”
However, the spokesperson declined to comment on Binance’s Japan plans. The cryptocurrency exchange told Decrypt that it does “not comment on our discussions with specific regulators. However, we are committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward globally.”
Binance remains the leading cryptocurrency exchange in the world, processing over $15 billion in daily translation volume. Its entry into Japan would be met with fierce competition from the likes of Crypto.com and FTX.
Binance’s possible expansion in Asia and more positive Binance reviews ensure that the cryptocurrency exchange further cements its place as the world’s leading digital asset trading platform.