Leading global cryptocurrency exchange Binance has acquired 100% of Sakura Exchange BitCoin (SEBC) despite the intense crypto winter.
According to the official announcement, SEBC is registered under the Japan Financial Services Agency (JFSA), which controls the country’s financial market.
Binance to Operate in Japan as Regulated Exchange
SEBC’s acquisition allows Binance to operate in its jurisdiction as a regulated exchange in compliance with local rules.
While cryptocurrencies are not recognized as lender tender in Japan, the country allows its citizens to interact with the emerging economy.
The acquisition comes at a time when the Japan Virtual and Crypto Exchange Association, the regulatory body that manages crypto activities in the nation, released two documents outlining its plans to reduce crypto laws in the country.
Starting next month, the regulator wants to implement lesser regulatory measures for listing new digital assets in the Japanese market, Bloomberg reported.
Japan plans to regain its position as the hub for innovative solutions. To effectuate its dreams of becoming an international business-centric nation, the government said in August that it plans to revisit its tax reform to prevent registered startups from leaving the country.
In June, Japan classified stablecoins designed to maintain their pegged value to reserve assets as digital money in a new bill which will be passed into law next year.
Supporting Crypto-Friendly Environment
While Binance did not disclose the terms of the acquisition, the crypto exchange said it aims to support a responsible global environment for virtual assets.
Takeshi Chino, the leader of Binance Japan, disclosed that the Japanese market would play an essential role in the future of crypto adoption, noting that the country is well-positioned to scale the industry.
“As one of the world’s leading economies with a highly-developed tech ecosystem, it’s already poised for strong blockchain uptake. We will actively work with regulators to develop our combined exchange in a compliant way for local users. We are eager to help Japan take a leading role in crypto,” said Chino.
As the largest crypto exchange in the world, Binance has obtained different regulatory approvals to operate in various geographical regions while complying with local authorities.
Earlier this year, the exchange obtained a license from the French market regulator, the AMF (Autorité des marchés), to provide its business offerings in the region as a Digital Assets Services Provider (DASP).
Binance has also received regulatory approval from various jurisdictions in the past, including Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania and Cyprus.
However, the acquisition of SEBC marks the Binance’s first license in East Asia.
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