Japanese Prime Minister Fumio Kishida expressed at a recent web3 conference that space can revolutionize traditional frameworks. “I hope the Web 3 industry will regain interest and dynamism, and generate many new projects,” he said in a translated statement.
There has been increasing global scrutiny of the Web 3 space. In this regard, officials emphasized that Japan has developed a regulatory environment to protect individuals.
Japan is embracing Web3
Japanese Prime Minister confirmed Japan’s keenness to promote the Web 3 sector. He also hoped that discussions between major players in the industry would encourage business cooperation between Japan and other countries.
At the conference, he expressed a strong desire for major Japanese companies to announce large-scale projects to develop a valuable economic zone in the Metaverse space.
Japan has introduced stricter anti-money laundering (AML) regulations in the past months. After discussions with G7 governments, the country has also recently addressed issues in the field of encryption. With the increasing incidences of criminal activities, the rules are getting tougher.
Companies are also expanding their operations in the jurisdiction. Japanese investment firm SoftBank has formed a joint venture with Symbotic to make headway in the artificial intelligence sector. Chinese tech giant Alibaba also unveiled plans for a blockchain lab in Japan.
Binance Expands Local Offerings
In response to the news, Binance confirmed via Twitter that it will expand its service offering in Japan starting in August. In November last year, Binance open Acquisition of Sakura Exchange Bitcoin (SEBC), a Japanese cryptocurrency exchange service provider registered in Japan.
With the acquisition, Binance cemented its position in the Japanese market as a regulated entity under the Japan Financial Services Agency (JFSA). SEBC is JFSA registered and provides brokerage and advisory services.
In May, a Binance press release revealed plans to make it easier for Japanese users to migrate to a new domestic platform. BeInCrypto stated that it will allow migration from August 1, 2023, after users complete KYC requirements.
Binance claims that the platform will initially offer trading for more than 30 tokens.
Disclaimer
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