Binance plans to launch in Japan in August, considering stablecoin introduction
Binance, which initially focused on 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, made the announcement today (Tuesday) during a video conference in Tokyo, according to Bloomberg.
Back in 2018, the Japanese Financial Services Agency (JFSA) warned Binance about unauthorized activities in the country. The watchdog issued another similar warning in 2021.
Last year, in its bid 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 end operations at the end of May and launch new services under the tentative name of ‘Binance Japan’. However, Binance has faced several setbacks in various jurisdictions over the past month.
Nevertheless, the leading exchange is continuing with its plan for the Japanese crypto market.
Binance is considering launching Stablecoin in Japan
Meanwhile, Takeshi Chino, Binance’s General Manager in Japan, announced during the video conference that the exchange might introduce stablecoins in Japan, according to The Business times. The proposed move comes after Japan passed a bill in June last year that defines stablecoins as digital money.
Specifically, the law stipulates that only licensed banks, registered money transfer agents and trust companies can issue stablecoins. Mitsubishi UFJ (MUFG), a Japanese banking giant, has already started enlisting multiple parties to let them mint stablecoins pegged to foreign currencies, including the US dollar, on its proprietary blockchain, Progmat.
Meanwhile, Binance continues to gain ground in Asia. Earlier in the year, the exchange purchased a majority stake in GOPAX, injecting capital into the ailing 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 plans to launch a crypto exchange in Thailand in the fourth quarter of this year. This follows the issuance of a license for a digital asset service provider to the stock exchange by Thailand’s financial markets regulator in May.
Volumes on eToro charts; Nomura’s new eFX head; read today’s news nuggets.
Binance, which initially focused on 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, made the announcement today (Tuesday) during a video conference in Tokyo, according to Bloomberg.
Back in 2018, the Japanese Financial Services Agency (JFSA) warned Binance about unauthorized activities in the country. The watchdog issued another similar warning in 2021.
Last year, in its bid 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 end operations at the end of May and launch new services under the tentative name of ‘Binance Japan’. However, Binance has faced several setbacks in different jurisdictions over the past month.
Nevertheless, the leading exchange is continuing with its plan for the Japanese crypto market.
Binance is considering launching Stablecoin in Japan
Meanwhile, Takeshi Chino, Binance’s General Manager in Japan, announced during the video conference that the exchange might introduce stablecoins in Japan, according to The Business times. The proposed move comes after Japan passed a bill in June last year that defines stablecoins as digital money.
Specifically, the law stipulates that only licensed banks, registered money transfer agents and trust companies can issue stablecoins. Mitsubishi UFJ (MUFG), a Japanese banking giant, has already started enlisting multiple parties to let them mint stablecoins pegged to foreign currencies, including the US dollar, on its proprietary blockchain, Progmat.
Meanwhile, Binance continues to gain ground in Asia. Earlier in the year, the exchange purchased a majority stake in GOPAX, injecting capital into the ailing 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 plans to launch a crypto exchange in Thailand in the fourth quarter of this year. This follows the issuance of a license for a digital asset service provider to the stock exchange by Thailand’s financial markets regulator in May.
Volumes on eToro charts; Nomura’s new eFX head; read today’s news nuggets.