In order to enter the Japanese market in a controlled manner, Binance has bought 100% of Sakura Exchange BitCoin (SEBC), a cryptocurrency platform established in Japan.
The biggest cryptocurrency exchange in the world said that it will acquire a company to enter the Japanese market as a regulated firm by the Japan Financial Services Agency (JFSA). The exchange omitted to disclose the transaction’s terms.
In terms of the acceptance of cryptocurrencies in the future, the Japanese market will be crucial. According to Takeshi Chino, general manager of Binance Japan, Japan is already primed for substantial blockchain uptake as one of the world’s leading economies with a highly developed tech environment.
By providing Japanese-regulated services through SEBC, Binance declared that its goal is to support a responsible worldwide environment for cryptocurrencies.
The release describes SEBC as a Tokyo-based, JFSA-registered cryptocurrency exchange that provides brokerage and consultancy services pertaining to cryptocurrencies. 11 trading pairs are supported by the platform right now.
With the acquisition of SEBC, Binance earned its first license in East Asia. The exchange had already obtained regulatory permits from France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus prior to then.
Binance’s robust compliance system will assist create a more compliant environment for users in Japan and enable them to access important crypto services necessary for broad adoption in the future, in addition to their efforts to prioritize user protection, said Hitomi Yamamoto, CEO of SEBC.
In 2018, Binance made an attempt to enter Japan for the first time. However, the exchange was forced to terminate its plans to establish a headquarters in Japan when inquiries by the securities authority resulted in a notice to cease operations in the country without a license.
The exchange has been working to establish a regulated presence in the Japanese market ever since. As previously mentioned, Binance was looking to open an office in Japan as of the end of September.
The move coincided with Japan’s adoption of more crypto– and Web3-friendly regulations. Cryptocurrencies are now permitted to be traded in the nation. A tax exemption for cryptocurrency and individual stock investors was recommended by Japan’s banking regulator in early September. Seven mayors have even received NFT rewards from the nation.
A few Japanese businesses have also expressed interest in Web3, cryptocurrency, and DeFi. For instance, NTT DOCOMO, the largest mobile telecom provider in the nation, recently announced plans to invest up to 600 billion yen ($4 billion) in Web3 infrastructure.
