Chino emphasizes the road ahead for Binance Japan
Takeshi Chino, the representative for Binance Japan, has said that there is a need to expand the offerings of the venture in the region. It currently offers spot trading and lending of crypto assets. However, the global arms, if looked at, have a broader offering on the list. Services of Binance Japan were launched on August 02, 2023. Although the venture has been able to pull a decent crowd on the platform, there are a few things that can be done to pull a larger crowd.
Chino held a briefing session on August 30, 2023, to talk about what are the opportunities and challenges that Binance can catch up to. This included the introduction of stablecoin and venturing into the lands of Web3. Simply put, a larger collaboration with the Binance ecosystem is required to move things in Japan.
Stablecoins are known to be more reliable since their volatility factor is directly linked to fiat currency. Mostly always redeemable, stablecoins are pegged to fiat currency in 1:1.
Binance Japan is waiting to receive a Class 1 Financial Instruments Business Operator license, following which it would introduce future trading. Other segments that are gaining attraction include Binance Launchpad and staking services. Launchpad by Binance is an investment arm that aims to support startups that are in the early stages. Staking service deals with enabling customers to deposit their holdings and earn decent yields on that.
There is no word about which service will be introduced and when it will be introduced; however, Chino has mentioned in their briefing that more services will be brought to Japan.
At the moment, Binance Japan is handling 34 tokens, including BNB and ALGO. These digital assets have been listed in Japan for the first time. A reason why it falls short is because the global empire of Binance has 350 assets on the list. That comes to one of the largest availability in the world. Binance Japan is likely to get started with having at least a hundred digital assets in the first phase.
Takeshi Chino is in talks with different crypto exchanges for collaboration pertaining to stock screening.
Binance Japan is largely focusing on how it connects the regional arm of the venture with its global ambitions. Passionate indeed, but all clearances are subject to receiving approvals from relevant authorities. The educational platform and payment platform of BInance could also be integrated in the first phase.
What gives Japan an upper hand is the predictable nature of regulations. This is in sharp contrast to other countries like the US, which have decided to take things slow when it comes to cryptocurrencies, including stablecoins. Web3 has been included to restore the economic condition of Japan. Theoretically, right now, the government is eyeing to make it a full-fledged extension to bring some drastic reforms.
Yen-based stablecoins could be introduced, per statements by Chino, to fulfill trade transactions through programmable and security tokens.