When the world’s largest cryptocurrency exchange, Binance, was unable to secure a business license to operate in Japan in 2018, it opted to pull back from the market rather than continue to fight for regulation of cryptocurrencies in a country where the government had already made it clear that it had no intention of doing so. Nonetheless, circumstances have shifted since then, and current Japanese Prime Minister Fumio Kishida has an entirely different set of priorities.
Traders in Japan are eager to start using Binance cryptocurrencies.
The government’s stance toward blockchain has softened thanks to the new framework developed by Fumio Kishida, which is designed to allow greater space for web3 initiatives and focus on developing new technologies within the borders of the nation. Several companies in the industry, including the largest shark of them all, Binance, took notice of the reinvigorated agenda almost immediately.
Binance is a worldwide cryptocurrency exchange that leads the industry by many measures and serves millions of customers around the world with a wide range of financial services. In addition to a wide variety of investment opportunities, Binance’s bespoke tech platform enables the instant deployment of decentralized applications (dApps) to the exchange’s network. After the Japanese government unveiled its new intentions for web3 and blockchain, interest in the Japanese market from this CEX was revitalized.
Many Japanese businesses have relocated to Singapore, Hong Kong, and other Asian nations due to the high corporate tax rates in Japan and the limited acceptance of cryptocurrency there. Japan’s government appears to be addressing the problem and coming to terms with the importance of the cryptocurrency business.
Japan needs to speed things up.
Singapore has recently declared that it will be welcoming foreign investors into its cryptocurrency market. With the CBDC craze sweeping many countries, including significant economic powerhouses like the UK, Germany, Italy, and many others, many other countries are rushing to build their own versions of cryptocurrencies.
Japan must adopt cryptocurrency and keep collaborating on numerous blockchain projects if it is to remain competitive in the new era of global finance.