Binance, the world’s leading cryptocurrency exchange platform, has announced that it will start operating for Japanese customers.
CEO Changpeng Zhao made the announcement during the WebX conference in Tokyo, where Japanese Prime Minister Fumio Kishida also reaffirmed the country’s welcoming stance to Web3. Koichi Hagiuda, the Policy Research Council chairman of Japan’s ruling Liberal Democratic Party, has stated that the government is actively engaged in developing a regulatory structure for cryptocurrency within the country.
Last November, Binance acquired Japanese crypto exchange Sakura Exchange BitCoin (SEBC), an exchange registered with the Japan Financial Services Agency (JFSA), signaling its commitment to work with regulators. Now, the exchange is all set to offer its full services to customers in Japan. The move comes as Japan has been slowly turning into a cryptocurrency hub in Asia, with the LDP announcing a 30% tax break for companies issuing cryptocurrencies and publishing a whitepaper outlining its position on crypto and plans of action.
Additionally, Japanese firms have unveiled a collaborative project to create the country’s first metaverse infrastructure, designed to ease ordinary people into the world of digital assets. Binance has been looking for greener pastures as it is currently locked in a bitter legal battle with the SEC. Besides setting up shop in Japan, the exchange is eyeing a move to Dubai, another country noted for its pro-crypto policies. As Asia looks to be the next big hub for cryptocurrency, the U.S. is attempting to crackdown on cryptocurrency exchanges.