Binance Re-Enters Japanese Market, Acquires Sakura Exchange BitCoin.
The biggest cryptocurrency exchange in the world is now looking to re-enter the Japanese market, a market it said will have a “key role” in the future of the crypto industry.
Acquiring Sakura Exchange
Binance announced on Tuesday that it had acquired 100% of the Japanese crypto company Sakura Exchange BitCoin (SEBC), giving Binance it’s very first license in East Asia.
— Binance (@binance) November 30, 2022
This acquisition comes a year after Binance first attempted to tread the Japanese market before they were warned by regulators about its unauthorised activities in the country. Now, Binance will work closely with Japanese regulators and its Financial Services Agency to ensure locals will receive proper Crypto services.
“We will actively work with regulators to develop our combined exchange in a compliant way for local users,” general manager of Binance Japan Takeshi Chino says.
“We are eager to help Japan take a leading role in crypto.”
Japan’s Efforts In Crypto
This past year Japan seems to be making a number of efforts in taking steps into the crypto industry. Earlier this year Japanese Prime Minister Fumio Kishida indicated his disapproval and disagreement towards the harsh rules put onto the crypto industry within Japan, leading to more discussions for crypto policies within the country.
Aside from that, the Japan Virtual and Crypto Assets Exchange Association (JVCEA) has also been working on easing the listing of virtual coins and market entry for foreign companies and crypto exchanges within Japan.
Most recently, Japan also made news when it announced plans on creating its very own digital yen which will be set to rollout in collaboration with some of the country’s major banks in Spring of 2023.