Binance, the biggest crypto exchange platform in the world, announced that it has fully acquired Sakura Exchange BitCoin (SEBC), a crypto exchange service provider registered in Japan.
Binance gave the announcement through a blog post. According to the announcement, the acquisition will allow Binance to provide crypto services to the Japanese market as a Japan Financial Services Agency (JFSA) regulated firm.
Binance said it seeks to foster a responsible global environment for cryptocurrencies by providing Japanese-regulated services via SEBC even though the terms of the transaction were not made public.
The CEO of SEBC, Hitomi Yamamoto commented that the compliance system of Binance will help SEBC to develop a more compliant environment for its customers in Japan and give them access to essential crypto services required for eventual mass adoption.
Binance has also received regulatory permits or authorizations in the following countries: France, Italy, Spain, Bahrain, Abu Dhabi, Dubai, New Zealand, Kazakhstan, Poland, Lithuania, and Cyprus. The acquisition of SEBC, on the other hand, marks Binance’s first registered license in East Asia.
SEBC is a crypto exchange platform based in Japan. The firm offers free consultancy to customers willing to trade crypto alongside brokerage services. The firm was created in 2017 and acquired by Kakao Piccoma on April 5, 2022.
The Blockchain Industry in Japan
Japan’s investment in the blockchain business has increased as the use of blockchain technology spreads around the world.
The Central Bank of Japan (BoJ) announced in November that it was looking forward to the launch of its Central Bank Digital Currency (CBDC) pilot testing phase next year. According to the announcement, the Digital Yen trial would last two years and would involve Japan’s big three banks as well as other regional banks.
Japanese Prime Minister, Fumio Kishida gave a speech in October, that the government is making necessary efforts to promote Web3 services through the promotion of the Metaverse and the use of Non-Fungible Tokens (NFTs).
The Prime Minister further stated that the NFTs supplied are intended to assist local government officials by resolving problems using digital technology, regardless of their location. Kidisha added that Japan is currently looking into researching and manufacturing semiconductors in the future.
In related news, the Monetary Association of Singapore (MAS) has also announced the launch of its first pilot program for Decentralized Finance (DeFi) applications which is aimed at eliminating the cost of performing trades through clearing and settlement brokers.
