Binance, which initially targeted relaunching its crypto exchange services in Japan last month, now has its eyes set on August 2023 for the rollout. Changpeng Zhao, the Founder of the world’s largest digital asset exchange, disclosed this today (Tuesday) during a video conference in Tokyo, according to Bloomberg.
Binance Works on Legal Re-entry into Japan
As far back as 2018, the Japanese Financial Services Agency (JFSA) warned Binance against its unauthorized operation in the country. The watchdog issued another similar warning in 2021.
Last year, in its effort to operate legally in Japan, Binance acquired a 100% stake in Sakura Exchange BitCoin (SEBC), a digital asset service provider registered with the JFSA. SEBC subsequently announced plans to terminate its operations at the end of May and to launch new services under the provisional name, ‘Binance Japan’. However, Binance in the past month has suffered several setbacks in various jurisdictions.
Nonetheless, the leading exchange is moving forward with its plan for the Japanese crypto market.
Binance Considers Stablecoin Launch in Japan
Meanwhile, Takeshi Chino, the General Manager of Binance in Japan, during the video conference disclosed that the exchange could introduce stablecoins in Japan, according to The Business Times. The proposed move comes as Japan in June of last year passed a bill that defines stablecoins as digital money.
Specifically, the law stipulates that only licensed banks, registered money transfer agents and trust companies can issue stablecoins. Already, Mitsubishi UFJ (MUFG), a Japanese banking giant, has started engaging multiple parties to have them mint stablecoins tied to foreign currencies, including the US dollar, on its proprietary blockchain, Progmat.
Meanwhile, Binance continues to make inroads in Asia. Earlier in the year, the exchange purchased a majority share in GOPAX, injecting capital into the distressed South Korean crypto exchange. The move came two years after Binance shut down its local unit in the country due to low patronage.
Additionally, Binance is planning to launch a crypto exchange in Thailand during the fourth quarter of this year. This follows the issuance of a digital asset service provider license to the exchange by Thailand's financial markets regulator in May.
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This article was written by Solomon Oladipupo at www.financemagnates.com.
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