In 2018, Binance, the biggest crypto exchange in the world, tried to expand its presence to Japan, but couldn’t obtain the license and decided to retreat instead of pushing for a permit against a government that does not want to regulate crypto. However, things have changed since that period and the new agenda of the current Prime Minister of Japan Fumio Kishida is drastically different.
Japan wants to embrace crypto trading
The new framework established by Fumio Kishida is created to provide more space for web3 projects and focus on developing new technology within the nation’s borders meaning that the stance of the government toward blockchain is now much softer. The renewed agenda immediately attracted attention from several companies working in the industry including the biggest shark of all — Binance.
Binance is an international crypto exchange that has a 17% market share leading the pack in many metrics and providing diverse financial products to millions of its users globally. It has a large array of investment options and its proprietary technology platform allows dApps to be deployed directly to Binance’s network. The interest in the Japanese market from this CEX was reinvigorated after the Japanese Government announced its new plans regarding web3 and blockchain.
Many companies that were operating in Japan decided to move to Singapore, Hong Kong, and other Asian countries where corporate taxing is less aggressive and crypto is used on a wider scale. It seems that the Japanese Government is finally addressing this issue and understands the value of the crypto industry.
Japan should pick up the pace
A couple of weeks ago, Singapore announced that it will be opening its crypto market to foreign investors. Many other nations are moving to develop their versions of cryptocurrencies with the CBDC craze taking over multiple nations including notable economic powerhouses like the UK, Germany, Italy, and many others.
If Japan wants to stay competitive in the new era of global finances, it has to embrace crypto and continue working with various blockchain projects that will soon enough overtake all other fintech platforms!
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