Meanwhile, Binance Japan will also be looking to leverage the country’s revised Payment Services Act. Under the Act, stablecoins backed by legal tender are recognized as an “electronic payment method”.
Binance Japan has presented its domestic expansion plans in an online business meeting. Country head, Mr. Tsuyoshi Chino, shared insights into the company’s strategy and ambition while highlighting the potential of stablecoins.
Binance Japan launched fully in the Asian country with 34 assets earlier in August. This effectively put the subsidiary above existing local exchanges, with the closest offering only 30 tokens.
Compared to the 350 tokens it offers globally and the 150 by its US subsidiary, listing 34 assets is a far cry. It stands to reason, therefore, that the Japanese subsidiary will seek to increase the number of assets listed. Mr Chino has noted that the exchange plans to increase the number of tokens listed on its platform to 100 in the short term.
Interestingly, exchanges cannot list a cryptocurrency asset without precedents, according to Coinpost. With these regulations under review, the news outlet opined that future token listings may be easier. Mr. Chino believes the exchange will work to list assets that resonate with the Japanese market.
Binance Japan to Expand Service Offerings in Country
Aside from token listing, Binance Japan currently offers limited services in the region. Its current license allows it to provide spot trading, crypto asset market, and NFT marketplace services. Elsewhere, the exchange offers a “Launchpad” IEO platform for budding projects and a staking service.
Mr Chino expressed optimism about the launch of these other services in Japan too, promising compliance with local regulations. However, he remained vague, refusing to offer a timeline for the launch.
Local media reports also suggest that the exchange has plans to work with other local cryptocurrency exchanges. Mr Chino hinted at a flexible business model that may allow indirect access to Binance for these exchanges. This will guarantee better market liquidity and may spur the growth of local entities.
Stablecoin Provides Unique Opportunity for Collaboration
Meanwhile, Binance Japan will also be looking to leverage the country’s revised Payment Services Act. Under the Act, stablecoins backed by legal tender are recognized as an “electronic payment method”.
While these stablecoins can only be issued by licensed banks, registered money transfer agents, and trust companies, Binance Japan will consider joint development with other companies.
Likewise, Mr. Chino mentioned the possibility of circulating such yen-based stablecoins for use in trade transactions, security tokens, and programmable payments.
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