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Japan’s PM Kishida Backs Web3, Binance to Launch in Country in August

2 mins
Updated by Kyle Baird
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In Brief

  • Japanese PM Kishida acknowledged the transformative potential of Web3 in a recent conference.
  • The country recently introduced tighter anti-money laundering regulations to tackle crypto-related crimes.
  • Binance confirmed its intention to expand services in Japan from August, following the acquisition of SEBC.
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Japanese Prime Minister Fumio Kishida expressed in a recent web3 conference that the space could revolutionize conventional frameworks. In a translated statement, he said, “I hope that the web3 industry will regain its attention and vitality, and that various new projects will be born.”

There has been growing global scrutiny of the web3 space. In this regard, officials asserted that Japan had developed a regulatory environment to protect individuals.

Japan Embraces Web3

The Japanese PM emphasized Japan’s dedication to boosting the web3 sector. He also hoped that discussions among key industry players would encourage business collaborations between Japan and other nations.

At the conference, he expressed a strong desire for major Japanese companies to announce large-scale projects for developing a valuable economic zone in the Metaverse space.

Japan has introduced stricter anti-money laundering (AML) regulations in the past months. After discussions with the G7 governments, the country also recently addressed issues in the crypto space. With increasing incidents of criminal activities, it got in tighter rules.

Businesses are also expanding operations in the jurisdiction. Japanese investment firm SoftBank formed a joint venture with Symbotic to make a stride in the AI sector. Chinese tech giant Alibaba also unveiled plans for a blockchain laboratory in Japan.

Take a minute to learn about privacy in web3: On-Chain and Off-Chain Privacy in Web3: Differences Explained

Binance Expands Local Offerings

In response to the news, Binance confirmed via Twitter that it will expand its service offerings in Japan starting in August. In November last year, Binance revealed acquiring Sakura Exchange Bitcoin (SEBC), a Japanese-registered crypto exchange service provider.

Through the acquisition, Binance established itself in the Japanese market as a regulated entity under the Japan Financial Services Agency (JFSA). SEBC is registered with JFSA and provides brokerage and consultation services.

In May, Binance’s press statement revealed plans to facilitate the transition of Japanese users to a new local platform. BeInCrypto reported that it will allow migration from Aug. 1, 2023, after users complete KYC requirements.

Binance claims that the platform will initially offer trading for more than 30 tokens.

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Shraddha Sharma
Shraddha is an India-based journalist who worked in business and financial news before diving into the crypto space. As an investment enthusiast, she has also has a keen interest in understanding crypto from a personal finance standpoint.