As Japan’s Prime Minister, Fumio Kishida, has spoken out in favor of the full adoption of Web3 in Japan, Binance has officially announced its entry into the Japanese market this August. This follows the November 2022 acquisition of Sakura Exchange Bitcoin (SEBC), a locally regulated cryptocurrency platform.
Japan to welcome Binance from August
Simple coincidence? Today, at a time when Japanese Prime Minister Fumio Kishida has stated that Japan wishes to fully embrace Web3, Binance has made official its arrival in the Land of the Rising Sun for next August.
As reported in our columns last April, Binance had planned to launch in Japan “after June” following the takeover of Sakura Exchange Bitcoin (SEBC), a locally regulated cryptocurrency exchange platform, in November 2022.
Following the stablecoin law introduced in Japan last June, Binance intends to take advantage of this regulatory framework to issue its own stablecoins across the country. Indeed, thanks to this relatively new law, stablecoins enjoy the status of digital currency in Japan, and as such can only be issued by licensed banks, regulated money transfer agents or trust companies.
During an appearance at WebX, a conference taking place in Tokyo on July 25 and 26, Binance CEO Changpeng Zhao was very optimistic about Japan’s openness to these new technologies, calling the country “a leader in the Web3 regulatory environment”:
“Japan has been clear since 2017 with regulations on cryptocurrency exchanges and more recently this year with its cryptocurrency listing frameworks and the adoption of stablecoin regulations. “
Japan opens up to Web3
Also present at WebX, Japan’s Prime Minister showed himself ready to welcome Web3 with open arms. In the presence of startups, companies, investors and government representatives, Fumio Kishida announced that Japan was working closely with the private sector to promote this new Internet:
“I hope that the Web3 industry will regain its focus and vitality, and that new projects will see the light of day. “
Furthermore, as part of the “Start Next Innovator” program, Japan has sent more than a thousand entrepreneurs and students to Silicon Valley over the past 5 years, a technology park whose influence is no longer in doubt. In the same vein, the Japanese government is planning to send some of its talent to France, Singapore and other countries.
Here live at @WebX_Asia and @JPN_PMO Fumio Kishida just stated that Web3 is “the new form of capitalism”.
While the West continues to antagonize blockchain companies, Asia is welcoming us in with their arms wide open.
In Asia, the future is bright for crypto! pic.twitter.com/eZ9puYdzoR
– Yves La Rose (@BigBeardSamurai) July 25, 2023
Japan’s Prime Minister has described Web3 as a “new form of capitalism”, while extolling the potential of this new Internet to stimulate the country’s growth by “solving social problems”.
Japan is one of those countries that, unlike the United States, is trying to develop fertile ground for the adoption of Web3 and cryptocurrencies on its territory.
