Binance Seeks To Resume Operations In Japan

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Changpeng Zhao; Photo Source: Binance.
A spokesperson for Binance said, “ [Binance is] committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.

In 2018, the Financial Services Agency issued a warning against Binance for offering services without a license. It also accused the exchange of not verifying users' identities. This prompted Binance’s CEO, Changpeng Zhao, to abandon his plans of establishing a base in Japan.

However, Binance now seeks a license to resume its services in the nation. Binance's renewed interest in operating in Japan is due to the nation softening its stance on the crypto industry.

Earlier this year, Japan’s prime minister Fumio Kishida revealed his “New Capitalism” vision. He also pledged to support the growth of Web3 firms.

In June, Japanese regulators accepted stablecoins as digital currencies. The JVCEA also revealed plans to allow local exchanges to issue their tokens without undergoing a screening process.

Moreover, Japanese authorities proposed a new tax law for crypto last month. According to it, the income tax on digital currencies would be reduced from 55% to 20%. The new law would also allow investors to carry forward losses for the next three years.

The spokesperson for Binance did not disclose any conversations with the authorities, adding,

“It would be inappropriate to comment on any conversations with regulators.”

Written by
Ayush Pande
A spokesperson for Binance said, “ [Binance is] committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.

In 2018, the Financial Services Agency issued a warning against Binance for offering services without a license. It also accused the exchange of not verifying users' identities. This prompted Binance’s CEO, Changpeng Zhao, to abandon his plans of establishing a base in Japan.

However, Binance now seeks a license to resume its services in the nation. Binance's renewed interest in operating in Japan is due to the nation softening its stance on the crypto industry.

Earlier this year, Japan’s prime minister Fumio Kishida revealed his “New Capitalism” vision. He also pledged to support the growth of Web3 firms.

In June, Japanese regulators accepted stablecoins as digital currencies. The JVCEA also revealed plans to allow local exchanges to issue their tokens without undergoing a screening process.

Moreover, Japanese authorities proposed a new tax law for crypto last month. According to it, the income tax on digital currencies would be reduced from 55% to 20%. The new law would also allow investors to carry forward losses for the next three years.

The spokesperson for Binance did not disclose any conversations with the authorities, adding,

“It would be inappropriate to comment on any conversations with regulators.”

Written by
Ayush Pande