Crypto exchange Binance is reportedly looking to make a splash in Japan’s financial markets. The exchange was operating in Japan a few years ago, but in 2018 operations had to be withdrawn due to lack of relevant licenses. Japan’s Financial Services Agency (FSA) had insisted that Binance apply for an operational license. As part of its plans for the near future, Binance will be filing for the necessary licenses in Japan. In recent years, the country has emerged among the group of crypto friendly nations ready to use the power of blockchain to improve their financial sectors.
Japan’s new Prime Minister, Fumio Kashida, is looking for a ‘new capitalist’ solution to boost the country’s economy. The country’s lawmakers are not holding back from using crypto services to eradicate economic inequality in the country.
Back in May was Kishida said Key Japan will develop and enhance the promotional environment for Web3, Blockchain, NFTs and Metaverse.
According to a Bloomberg reportsThis is what has drawn Binance back to Tokyo.
Currently, Crypto.com and FTX crypto exchanges are already operating in Japan.
By the end of 2021, the number of crypto asset accounts established in Japan will reach about 5.48 million, data shows. Statista Claimed.
Meanwhile, the Bank of Japan (BoJ) has decided to take a careful and thorough analytical approach to the introduction of a central bank digital currency (CBDC), currently known as the ‘digital yen’. Japan is expected to decide on the roll out of the digital yen by 2026.
The country is also trying to delve deeper into the metaverse realm.
In July, the University of Tokyo decided to offer several study programs in Metaverse, aimed at addressing the shortage of instructors, skilled in helping Japan’s digital transformation into a Web3 world.
For Binance, the crypto exchange is on the verge of acquiring operational licenses in various parts of the world, including Kazakhstan, Italy, as well as France and the UAE.
