As per the report, Binance is attempting to re-enter Japan after a long period of 4 years. The Japanese government's positive attitude has sparked Binance's desire to re-enter the East Asian country.
As per the report, Binance is trying to secure a license to operate in Japan, where it previously did not have authorization. The East Asian country has taken an easy approach to digital assets and prospective user development.
The Japanese government's positive attitude has sparked Binance's desire to re-enter the East Asian country. However, Japan has the world's third-largest economy. As a result, the world's largest crypto exchange may benefit from this move.
According to the report, Binance's spokesperson refused to comment on the company's meeting with regulators. However, he stated that the crypto exchange is committed to cooperating with legislators and authorities. It is committed to developing regulations that safeguard users while also encouraging the sector to grow.
Earlier, CoinGabbar reported that Binance has secured the Dubai Minimal Viable Product license. The Virtual Asset Regulatory Authority (VARA) granted the crypto exchange the authority to open a user money account with local banks.
Will Japan grant a permit?
However, Fumio Kishida, the prime minister of Japan, highlights the expansion of Web3 firms in his strategy to strengthen the country's economy. Earlier, the East Asian country's regulator proposed lowering taxes on digital assets. This comes after prominent groups called for adjustments to high corporate taxes. As a result of these concerns, several firms have shifted to Singapore.
Binance CEO, CZ enters Japan in 2018 after hinting at a plan to establish a base there. However, the announcement prompted securities regulators to launch an investigation into the exchange. The watchdog also issued an official warning to all unlicensed operators in the country to halt operations.
Meanwhile, Binance received repeated warnings years later for not adhering to the specific requirements.
Read also: BINANCE PRICE ANALYSIS CMP$273 At higher levels, BNB meets strong resistance
