Binance Seeks License to Commence Operations in Japan

Binance is looking to acquire a license in Japan to commence operations after its exit from the country four years ago. Binance had to shut down and leave Japan as then, the company did not possess a permit. However, the country’s newly-inspired approach towards crypto and significant prospects for consumer development are the main grounds for Binance’s rejuvenated curiousness in the Asian economy.

The company’s history with the Japanese authorities has had troubles in the past. In 2018, Japan’s Financial Services Agency cautioned Binance against functioning without registration to strengthen the cryptocurrency policies in the country. The regulators allegedly claimed that the world’s largest cryptocurrency exchange was operating without verifying the users’ identities.

Fumio Kishida, the present Prime Minister of Japan plans to introduce a nicely laid-out plan to revamp the economy under the umbrella of “New Capitalism” that comprises the development and backing of the web3 companies. Previously, Kishida had also pledged that the metaverse and NFT-related projects would eventually become a way forward towards the country’s development.

However, Binance has not made any additional comments on the discussion with the regulators. The company claims to be determined to perform with authorities and policy decision makers to structure and form regulations that safeguard the interests of the consumer as well as cultivate creativity.

During the previous month, Japan’s financial regulator suggested smoothening the company tax regulations for crypto tokens. Lobbying parties have been pushing for appropriate modifications in the operational mandates, claiming that the heightened corporate taxes force many organizations to migrate to Singapore and other accommodating countries.

The measures are, however, headed in an opposite direction to the popular trend in other countries, where the regulatory setup is being tightened in response to major losses suffered recently. According to the statistics, over $2 Trillion drained out of the digital token space since the last year’s pinnacle that led to chaos in the world of crypto hedge funds and lenders.

In Asia, Binance has upheld its position as the leading cryptocurrency exchange in countries like Thailand, Malaysia, Indonesia, and India via collaborations. However, on the darker side, Binance has also been on the receiving end of several regulatory investigations in a number of different jurisdictions, that also includes the relatively flexible United States. The firm, in reply to such charges, has claimed to stay away from any kind of malpractice.