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Binance seeks a license to operate in Japan 4 years after leaving

Binance seeks a license to operate in Japan 4 years after leaving

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Answer Binance seeks a license to operate in Japan 4 years after leaving

Binance is preparing to officially enter the Japanese market by seeking a permit to operate in the country.

Renewed interest from the world’s largest cryptocurrency exchange in Japan is following lax crypto laws in the world’s third largest economy under Prime Minister Fumio Kishida.

Binance looks to the Japanese market:

According to a reportBloomberg“Binance’s interest in re-entering the Japanese market is guided by the country’s new economic policy that promises fair regulation in the digital asset industry.

Currently, the Japanese Prime Minister’s agenda includes stimulating the economy under the title:

The new capitalism.

This is to support the growth of the so-called Web 3.0 companies.

Read:Project NANO allows you to send cryptocurrency via WhatsApp

A Binance spokesperson acknowledged that the company was in talks with Japanese regulators, and declined to disclose details, saying it would be inappropriate to comment on an ongoing dialogue.

The speaker added:

Binance is committed to working with regulators and policy makers to shape policies that protect consumers, encourage innovation, and move our industry forward.

Facilitating laws and regulations in the Japanese crypto market:

In a move to make the crypto landscape less restrictive, the regulator said in June that it would shift its focus to managing these assets once they were listed.

In other words, the Japan Digital and Virtual Asset Exchange Association (JVCEA) will undo the vetting process that has been going on for months before the inclusion of digital small and medium tokens.

Around the same time, the country adopted the Stable Coin Regulation Act and recognized stablecoins as digital money.

Last month, two leading bodies representing Japanese crypto firms submitted a plan to the Financial Services Agency that sought to make the environment friendlier for local crypto firms.

One of the main recommendations was to remove the 30% annual tax on winnings when holding cryptocurrencies.

Read:Bitcoin erases the gains made in the last 24 hours and hopes for a quick recovery dwindle

According to a Bloomberg report, Japanese regulators have also advised relaxing corporate tax provisions around crypto assets.

These efforts are being made to prevent the migration of crypto companies from Japan to more friendly jurisdictions such as Singapore.

It is worth noting that Binance has previously received a warning twice – in 2018 and 2021 – by Japanese authorities for allegedly operating in the country without official registration.

Read:A Reddit user made over $24,000 worth of bitcoin this way

In 2018, Japanese regulators accused Binance of allowing people to open accounts on its trading platform without confirming their identities.

Japanese regulators have reportedly warned Binance in case it continues to operate without registration.

Binance returned after arranging and organizing its papers and obtaining many regulatory licenses in different parts of the world, trying to obtain an additional license in Japan, thus expanding further towards the country, which is one of the leading countries in adopting digital currencies.

Read also:

Cryptocurrency exchange FTX beats Binance to acquire Voyager digital assets

Digital currency LUNC rises by 60% after Binance announces support for the coin burning mechanism


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