Binance , one of the world's largest cryptocurrency exchanges, is close to launching a new exchange tailored to the Japanese investor community, and the company plans to launch the next cryptocurrency exchange in the world's third largest economy during the summer season of 2023
Binance , under the direction of its founder and CEO Changpeng Zhao , aims to become the most licensed crypto exchange in the world. With this new exchange in Japan, the company has ensured full compliance with the country's laws, according to gadgets360
Initially, Binance Japan will only list thirty cryptocurrencies for spot trading, and the company plans to verify that all tokens listed on the exchange in the country are in compliance with local regulations. In the later stages of the growth of this exchange, Binance will add more digital assets that can be traded or bought. In Japan, according to a report by Bitcoin
Binance was previously operating in Japan, but had to pull out due to a lack of relevant licenses in 2018, at which time the Japan Financial Services Agency (FSA ) insisted Binance provide evidence of compliance before resuming services in Japan
Starting November 30, the global Binance platform will stop operating in Japan, before that, the exchange will migrate its Japanese clients to its new platform
Binance Japan will have a detailed Know Your Customer (KYC) identification process , which users will have to go through in order to use the platform for digital asset trading
The cryptocurrency exchange is expected to start switching users from its global platform to the Japan-centric exchange around August 1
The hype around the cryptocurrency exchange planning to re-enter the Japanese market began in September last year .
New Japanese Prime Minister Fumio Kashida seeks "neo-capitalist" solutions to boost the country's economy. In May last year, Kishida said Japan would develop and promote a promotional environment for Web3 , blockchain and NFTs . and metaverse
By the end of 2021, the number of crypto-asset accounts created in Japan was approximately 5.48 million, according to data from Statista data .
Meanwhile, the Bank of Japan (BoJ) has decided to take a careful and comprehensive analytical approach towards introducing its central bank digital currency (CBDC) , currently known as the "digital yen," and Japan is expected to come to a decision on introducing the Digital Yen . by 2026
In light of the ongoing deliberations over international crypto rules, financial regulators in Japan have urged global regulators to finish treating the crypto sector just like traditional banks around the world
According to Japanese authorities, crypto technology per se cannot be blamed for risking the financial stability of cryptocurrency investors, instead, the lack of rules governing the sector has not been able to make the sector safe to transact with
Meanwhile, Coinbase and Kraken are among the cryptocurrency exchanges that have ended operations in Japan for the time being as part of internal reorganizations