Binance seeks license to operate in Japan without permits

Binance seeks license to operate in Japan without permits

According to people familiar with the matter, Bloomberg - Binance, the world's biggest criptocurrency exchange, is seeking a license to operate in Japan four years after retreating from the country because it didn't have a permit.

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One person said that the nation's easing approach tocryptocurrencies and the potential for user growth are the main reasons for Binance's renewed interest in the world's third-largest economy.

The growth of so-called Web 3 firms is supported by Japanese Prime Minister Fumio Kishida's agenda for reinvigorating the economy under the rubric of New Capitalism. Web 3 refers to a vision of a decentralized internet built around a platform that is based on a technology called a ledger.

A spokesman for Binance said it would not be inappropriate to comment on any conversations with regulators. The spokesperson said that Binance is committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move the industry forward. An official at the Financial Services Agency didn't want to say anything.

Japan's financial regulators proposed a relaxation of corporate tax rules for cryptocurrencies last month. Lobby groups have been calling for changes, saying high corporate taxes cause some firms to relocate to Singapore and elsewhere.

Binance isn't the only foreign firm looking to push into Japan's criptocurrency market. Temasek-backed Amber Group bought DeCurret Inc., a crypto exchange that has operated in the country since 2018.

Japan s steps are a counter to the tougher regulatory oversight in a range of countries after a $2 trillion wipeout of digital assets from last year s peak resulted in a number of blow ups at criptocurrency hedge funds and lenders.

In 2018, a billionaire co-founder of the company Changpeng CZ Zhao abandoned a plan to build a base in Japan after inquiries from the securities regulators that led to an official notice to stop operating in the country without a license. Three years later, a similar warning was issued for not complying with registration rules.

There are partnerships with Binance in countries like Thailand, Malaysia, Indonesia and India in Asia.

The US has been the target of regulatory investigations in a variety of jurisdictions, including the US. The firm said it works with authorities and will continue to meet the requirements set by officials.

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