Binance Eyes Crypto License In Japan 4 Years After Exit

Summary:

• Crypto exchange giant Binance could resume operations in Japan for the first time since 2018.
• Changpeng’s Zhao company has eyes on a crypto license to legitimize such operations, Bloomberg reported on Monday.
• The news comes as Prime Minister Fumio Kishida hopes to lead a crypto-inclusive regime.
• Binance has chased and secured several regulatory approvals across the globe in 2022 so far.

Leading cryptocurrency exchange Binance is reportedly after a crypto license in Japan as the country’s new leadership moves towards exploring crypto-inclusive policies in a bid to bolster the local economy and incentivize innovation. 

Bloomberg reported on Monday that people with knowledge of the matter said that Binance hopes to secure regulatory approval to operate digital asset services in Japan. It is unclear how far the exchange has gone in pursuit of this goal at press time.

CZ’s exchange has eyes on a license as the new Prime Minister Fumio Kishida embarks on a mission to bolster Japan’s economy. Kishida’s so-called “New Capitalism” regime could champion crypto-friendly laws in contrast to the country’s rigid approach to digital assets under previous leaderships, per reports.

Kishida’s initial approach toward web3 technology and decentralized assets has also spurred complimentary proposals from policy makes and watchdogs. In August, Japan’s Financial Services Agency proposed relaxing tax rules for digital assets and crypto investors.

Binance could reenter the Japanese market for the first time in over four years if a license application is approved by regulators. The exchange was previously issued a “cease and desist” order by authorities for rendering unapproved crypto services to local users.

Binance On A Mission

Binance has stated intentions to achieve compliance across the globe despite previous regulatory woes in a plethora of jurisdictions. CZ and exchange spokespersons have often reiterated the platform’s plan to align with established policies and drive broader crypto adoption.

Indeed, the exchange seems set on this path, winning several crypto licenses and regulatory nods from authorities in European markets like Italy, Spain, and France. Binance also has a growing presence in the Middle East with approval to offer crypto services in Dubai. 

At press time, Binance also has a foothold in Asia, operating out of locations like Indonesia and Thailand to name a few. 

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