'Ilchulsapyo' Binance... Number of Coins Increased 1.4 Times in 6 Months

6 Months After Official Service Launch
'100 Token Support' Goal
Stablecoin Service Also in Preparation

'34 tokens → 47 tokens'

This is the 6-month token report card of Binance Japan, the Japanese branch of the global virtual asset exchange Binance, which officially launched its service in Japan last August. If three more tokens receive approval from regulatory authorities next week, the total will increase to 50. Takeshi Chino, CEO of Binance Japan, said, "Currently, our exchange holds the largest number of tokens in Japan. We are also approaching our ambition of 'supporting 100 tokens.'"

CEO Takeshi explained at the 'February Monthly Roundtable' held remotely on the afternoon of the 27th, "In Japan, every time a token is listed, approval must be obtained from the regulatory authority, the Japan Financial Services Agency (JFSA). It can take up to three months, so it is not an easy task."

Close Collaboration with Regulatory Authorities: "We Will List Many Japan-Origin Tokens"

Takeshi Chino, CEO of Binance Japan, is speaking about the situation and regulatory status after entering the Japanese market during the 'February Monthly Roundtable' held online on the afternoon of the 27th.

Binance entered Japan in November 2022 by acquiring Sakura Exchange Bitcoin (SEB), which holds a virtual asset license. This approach is similar to how it entered the Korean market by acquiring Gopax. Since then, Binance has been working closely with Japanese regulatory authorities while preparing for the official service launch. In this process, CEO Takeshi, who has over 10 years of experience working at the Japan Exchange Group (JPX) and comes from traditional finance, has been responsible for serving as the communication channel with regulators. Since regulatory authorities hold the approved exchanges primarily responsible if there are issues such as disclosures or fraud from coin issuers, smooth communication is more important than anything else.

Binance Japan plans to focus on expanding its company ecosystem. CEO Takeshi said, "We intend to list many Japan-origin tokens because this is something that cannot be found on global Japanese platforms but is possible on Binance Japan." Conversely, they are considering supplying global products localized to fit the Japanese platform. To this end, they are also working closely with global market makers and liquidity providers. They plan to provide convenient payment methods used on the global platform in Japan as well. A representative example is the 'Binance Pay' feature.

Binance, which offers both spot coins and the installment product 'Binance On,' also plans to challenge stablecoin distribution. Stablecoins are a type of virtual asset that aims to maintain value stability by collateralizing assets such as currency or commodities. CEO Takeshi said, "Until last year, there were no explicit regulations on stablecoins, but since June last year, the authorities have started studying stablecoins. Binance Japan also began joint research in September last year with an organization under the Mitsubishi Group to issue legal stablecoins." Currently, in Japan, only banks are permitted to issue stablecoins, but distribution is not limited to regulated financial institutions. This means there is an opportunity to participate.

Virtual Asset Regulations Are Two-Sided... Leverage Limits and Tax Issues

Regarding virtual asset regulations in Japan, he gave a two-sided evaluation. He said, "Low uncertainty and high predictability are advantages," but also pointed out, "Japan's stablecoin regulatory environment is quite strict." Due to the nature of stablecoins, yen stablecoins must have the yen itself deposited in banks. Currently, the Bank of Japan applies a 'zero interest' rate, which is not favorable to customers in terms of profitability.

He also viewed the restriction on margin trading within digital exchanges as a problem. Previously, leverage of up to 25 times was possible, but since 2022, it has been limited to 2 times. Binance has been continuously urging the JFSA to ease these regulations. CEO Takeshi criticized, "This reduces the trading volume itself," and said, "It is different from Korea and other major markets." He also pointed out the issue of taxation, where capital gains over 200,000 yen are taxed up to 55% on profits earned from virtual assets.

Nevertheless, CEO Takeshi expressed positive expectations for the Japanese virtual asset market this year. This is because Prime Minister Fumio Kishida, who currently leads the Japanese cabinet, has a favorable attitude toward the Web3 market. The Liberal Democratic Party is also operating a task force (TF) to create a regulatory framework that the JFSA and others can accept. Since leading Japanese companies have great interest in the blockchain ecosystem, he sees significant potential for cooperation. Toyota also has a blockchain research institute and has held hackathons. He said, "This year, we expect more cooperation with companies," and added, "Some of them may even issue virtual assets."

Meanwhile, Binance plans to combine education and regional revitalization strategies even if profits do not occur in the near future. CEO Takeshi said, "We can help revitalize aging regions by collaborating with prefectural governments," and expressed confidence, "If we hold summer camps on the outskirts of cities and provide graduates with certificates in the form of non-fungible tokens (NFTs), it will be useful when seeking employment at Web3 companies."

This content was produced with the assistance of AI translation services.