Binance has applied for a license to return to Japan after 4 years. According to sources close to the subject, Binance, the world’s largest cryptocurrency exchange, has applied for a license to operate in Japan, four years after it pulled out of Japan.
The positive shift in the country’s approach towards crypto and the significant potential for user growth are seen as the main reason Binance has rekindled interest in the world’s third-largest economy.
Japanese Prime Minister Fumio Kishida’s agenda to stimulate the economy under the title of “New Capitalism” includes supporting the growth of Web3 companies.
The term “Web3” refers to a decentralized internet perspective built around blockchains, the technology underlying crypto. Last month, Japan’s finance regulator proposed relaxing corporate tax rules for crypto assets.