• Binance Japan is set to launch in August with 34 tokens listed.
• It aims to offer spot trading, Earn products, an NFT marketplace and derivatives services in accordance with local regulations.
• The launch of Binance Japan comes at a crucial time when other prominent players like Coinbase and Kraken have halted their operations in the country.
Binance Re-Enters Japan
Binance is set to re-enter the Japanese market with its fully compliant Web3 ecosystem, launching in August with 34 tokens listed. The exchange’s native token, BNB, will be introduced for the first time. Binance acquired SAKURA Exchange BitCoin Inc (SEBC) last November and has since been diligently collaborating with key stakeholders and industry associations to lay the groundwork for this launch.
Services Offered By Binance Japan
Binance Japan plans to offer a suite of services to its customers including spot trading, Earn products, an NFT marketplace and derivatives services in accordance with local regulations, enhancing their service offerings in the Japanese market. Existing customers who already have global Binance accounts will be provided with separate notice initiating the migration process after Aug 14th.
Policymakers Commitment To Fostering Growth Of Web3 Ecosystem
The launch of Binance Japan comes at a crucial time when other prominent players like Coinbase and Kraken have halted their operations in the country citing “market conditions” as the primary reason. However, Japan’s policymakers have indicated their commitment to fostering growth of Web3 ecosystem as evidenced by recent announcements at Tokyo’s WebX conference.
Recent Tax Reforms To Empower Crypto Ecosystem In Japan
The JBA (Japan Blockchain Association) has proposed tax reforms that are aimed towards empowering crypto ecosystem within Japan which includes measures such as corporate income tax deductions for crypto asset investments and capital gains tax exemptions on crypto holdings held for more than one year among others.
Circle Eyes Stablecoin Launch In Japan
With new policies taking effect, Circle has expressed interest in launching its stablecoin USDC (USD Coin) within Japanese markets which would further expand access of digital assets within Asian markets while providing additional liquidity options for users across borders.