Binance launched its local cryptocurrency exchange in Japan today as the company seeks to be a part of the country’s rapidly growing web3 ecosystem. Binance had left the market due to regulatory challenges in 2018 but is returning to the country amid a new approach to web3 regulations.
Binance to Open Registrations for Japan Users by Mid-August
Binance officially launched its cryptocurrency trading platform in Japan, marking the leading crypto exchange’s comeback in the Asian country after five years. Following today’s launch, Japanese residents can apply for trading accounts from mid-August, Binance said in the press release. As a result, users will lose access to Binance’s global platform and will be able to begin trading on the local venue on December 1, 2023.
The move comes after Binance achieved compliance with Japanese regulations and restarted its trading services in the nation. The largest crypto exchange in the world abandoned plans to build a Japanese base in 2018 after inquiries from the local securities regulator led to an official notice to halt operations in the country without a permit.
Binance’s intentions to return to Japan were revealed last year after the company bought the regulated local crypto exchange Sakura Exchange Bitcoin. At the time, Binance said Japan had substantial potential in the nascent Web3 space, which will likely play a pivotal role in the continued crypto adoption.
Meanwhile, Binance faces significant regulatory challenges in other markets, particularly the US and Europe. The cryptocurrency exchange recently left the Netherlands and Cyprus markets and canceled its registration in the UK. Binance also departed from Canada in May, citing changes in the regulatory landscape.
Japan’s Web3 Endeavors
Binance’s comeback to Japan comes amid the country’s efforts to prop up its Web3 sector, led by its new prime minister Fumio Kishida. Although Japan is viewed as a jurisdiction with rigorous digital asset regulations, the country has eased some crypto rules to attract more industry players.
Last week, Kishida reaffirmed that the government remains committed to growing its Web3 ecosystem, highlighting the technology’s potential to transform the internet and spur social changes.
Earlier this year, multiple members of Japan’s Liberal Democratic Party unveiled a document outlining plans to develop the nation’s Web3 space. Among other things, the document called for easier tax regulations, more clarity on accounting rules, as well as developing a regulatory framework for decentralized entities.
This article originally appeared on The Tokenist
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