Binance Hopes for Japan Return After Four-Year Hiatus: All Details

As part of its plans for the near future, Binance will be filing for the required licences in Japan.

Written by Radhika Parashar, Edited by Siddharth Suvarna | Updated: 27 September 2022 13:31 IST

Binance Hopes for Japan Return After Four-Year Hiatus: All Details

Photo Credit: Unsplash/ Roméo A

Presently, Crypto.com and FTX crypto exchanges are already functional in Japan

Highlights

Japan is adopting crypto-friendly approach
Binance is looking to onboard users from Japan on its platform
Japan also working on its CBDC

Binance crypto exchange is reportedly looking to make a splash in Japan's economic market. The exchange was operating in Japan some years ago, but had to withdraw operations due to lack of relevant licences in 2018. Japan's Financial Services Agency (FSA) had insisteed Binance to apply for an operational licences. As part of its plans for the near future, Binance will be filing for the required licences in Japan. The country has, in recent years, emerged among the group of crypto friendly nations ready to harness the power of blockchain to finetune its financial sectors.

Japan's new prime minister, Fumio Kashida has been on a hunt to find ‘new capitalism' solutions to boost the country's economy. The lawmakers of the country are not shying away from trying out crypto services to eradicate financial inequality in the country.

Back in May, Kishida had said that Japan would develop and foster a promotional environment for Web3, blochchain, NFTs, and the metaverse.

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As per a Bloomberg report, this is what has attracted Binance toward's Tokyo's direction once again.

Presently, Crypto.com and FTX crypto exchanges are already functional in Japan.

As of the end of 2021, the number of crypto asset accounts set up in Japan reached around 5.48 million, data by Statista claimed.

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Meanwhile, the Bank of Japan (BoJ) has decided to take careful and thorough analytical approach towards the introduction of its central bank digital currency (CBDC), currently known as the ‘Digital Yen'. Japan is expected to reach a decision on the roll out of Digital Yen by 2026.

The country is also trying to dive deeper into the metaverse sector.

In July, the University of Tokyo decided to offer a bunch of study programmes in the metaverse, aimed at addressing the lack of trainers, skilled to help Japan undertake its digital transformation into the Web3 world.

As for Binance, the crypto exchange has been on a spree in terms of bagging operational licences in different parts of the world including Kazakhstan, Italy as well as France and the UAE.

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Further reading: Cryptocurrency, Japan, Binance, FTX

Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More