Crypto exchange Binance is reportedly seeking to reenter the Japanese crypto market. The company exited Japan four years ago after the country’s financial regulator warned that Binance was operating illegally without a license.
Binance Wants Back in Japan
Crypto exchange Binance is seeking a license to return to the Japanese crypto market, four years after exiting the country, Bloomberg reported Monday, citing people familiar with the matter.
The key reasons behind Binance’s renewed interest in Japan are the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth, according to one of the people.
A spokesperson for Binance told the publication that the company is “committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.” However, the spokesperson would not comment on specific license applications, noting that “It would be inappropriate to comment on any conversations with regulators.”
Binance exited the Japanese crypto market in 2018 following a warning by Japan’s top financial regulator, the Financial Services Agency (FSA), about operating without a license. In June last year, Binance got another warning from the FSA reiterating that the exchange has been providing crypto exchange services to Japanese customers without registration.
Following warnings from multiple regulators that it has been operating illegally without a license, Binance has made regulatory compliance one of its top priorities. The exchange platform previously revealed its plans to become a regulated financial institution.
Recently, Binance established a global advisory board to tackle regulatory challenges. The body is comprised of “distinguished experts in public policy, government, finance, economics, and corporate governance,” Binance detailed.
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Source: Regulation Archives – Bitcoin News
Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda
According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors. Commission to Promote ‘Sensible […]
According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.
Commission to Promote ‘Sensible Digital Assets’
The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.
According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:
The commission is in the business of protecting investors, not in the business of speculation.
In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.
In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.
“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.
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Source: Regulation Archives – Bitcoin News