Japan wants to attract the crypto industry
Japan wants to attract the crypto industry. So far, the Land of the Rising Sun has followed a strict course when it comes to crypto regulation. However, this could change significantly in the future.
Japan’s crypto industry is set to grow
The crypto industry has recently felt particularly attracted to small states, while regulation and control by large countries continues to increase. The Seychelles are particularly popular among crypto exchanges. A whole series of trading platforms set up their headquarters there, for example KuCoin.
Industry leader Binance
It’s only been a month since the Japanese media reported further tightening by the Japanese legislature. Accordingly, one wants to monitor and regulate the issuance of cryptocurrencies more closely.
In the meantime, however, a change of course can be observed. According to the latest information from Bloomberg , Japan is looking to grow the crypto industry locally.
Decreasing crypto regulation is said to boost growth
Switzerland shows how to become an attractive location for the crypto industry: by granting freedom and tax advantages. The Alpine republic has long been known above all as a branch for well-known foundations in the scene.
For example, the Ethereum Foundation and the Cardano Foundation are based in Crypto Valley . The Bitcoin Association , which has recently made headlines, can also be found there. The scene expression describes the canton of Zug. But that’s just the tip of the iceberg. Over 1,000 crypto companies settled by early 2022
Japan now wants to take a leaf out of this kind of development. It is noticeable that the legislator does not pay particular attention to the foundation system, but to the crypto exchanges.
According to its own statements, Binance already made between 800 million and one billion US dollars in profit in 2020. No wonder, then, that Japan is questioning the status quo.
Specifically, Bloomberg describes the measures as follows: Is a specific cryptocurrency
Officially, investors are to be protected by this official examination. As always, there is at least the feeling that the state wants to fight undesirable projects.
Japan wants to simplify coin listings from December
The simplification of coin listings is already planned for December. According to the Bloomberg report, the authorities have already shared the change with the affected companies.
From 2024 it is even conceivable that the extensive registration process for new cryptos will be completely discarded. Whether this plan will ultimately be implemented remains to be seen.
We hope that the latest measure will help revitalize the Japanese cryptocurrency market.
Explains Genki Oda, CEO and founder of crypto exchange BITPoint Japan. Binance also hopes that Japan will fundamentally change its position. In September, it was announced that the largest cryptocurrency marketplace had applied for a license in Japan.
In 2017, Binance temporarily had its headquarters in Japan after China banned trading in cryptocurrencies for the first time. In the end, Japan also lost some of its attractiveness. After four years, Binance now wants to do business in Japan again.
