Bitcoin Exchange Binance to Launch Operations in Japan in August

• Binance CEO Changpeng Zhao announced that the cryptocurrency exchange will start operating on a new Japanese platform in August 2023.
• Binance had previously acquired Sakura Exchange Bitcoin (SEBC), a trading platform in Japan, in November 2022.
• Kishida emphasized the potential of Web3 to drive innovation across industries and stated that the role of the event in attracting industry stakeholders to Japan is important.

Japanese Prime Minister Fumio Kishida announced that they will start operating in Japan while reiterating their commitment to supporting the Web3 industry.

Japanese Prime Minister Pledges Support for Web3

Japanese Prime Minister Fumio Kishida emphasized the potential of Web3 to transform the internet and initiate social change. Kishida made these statements in his opening speech on the first day of the WebX conference in Tokyo. Binance CEO Changpeng Zhao also announced on the same day that the cryptocurrency exchange will start operating on a new Japanese platform in August 2023.

#Binance will launch a cryptocurrency exchange in Japan in August.

— COINOTAG (@coinotag) July 25, 2023

Kishida highlighted the potential of Web3 to drive innovation across industries and stated the importance of the event in attracting industry stakeholders to Japan:

“I hope to regain the attention and vitality of the Web3 industry and see the emergence of various new projects.”

Yves La Rose, CEO of EOS Foundation, stated in a tweet that the Prime Minister’s words indicate a supportive attitude towards Web3 in Asia:

“While the West continues to be hostile towards blockchain companies, Asia welcomes us with open arms. The future looks bright for crypto in Asia!”

Kishida later described the Web3 sector as “a new form of capitalism” and praised its potential to continue growing through the solution of social problems.

In his opening speech, Koichi Hagiuda, Chairman of the Liberal Democratic Party Policy Research Council in Japan, emphasized the importance of creating a strict regulatory framework to protect investors and the associated Web3 policies.

Hagiuda also highlighted projects such as “Start Next Innovator” in promoting the growth of Japanese Web3 companies. As part of a five-year campaign to encourage Web3 startups, the Ministry of Economy, Trade and Industry of Japan is sending 1,000 entrepreneurs and students to Silicon Valley.

Binance Starts in Japan

As confirmed by COINOTAG, Binance is preparing to serve Japanese cryptocurrency users starting from August. The company had previously acquired Sakura Exchange Bitcoin (SEBC), a trading platform in Japan, in November 2022.

The exchange stated that it had acquired 100% of the Japanese registered cryptocurrency exchange service provider to pave the way for resuming operations in Japan.

June 2023 saw a series of news headlines related to Japan and the Web3 sector. The National Tax Agency revised the law to exempt token issuers in the country from paying corporate tax on unrealized cryptocurrency gains.