Japan’s crypto easing policy entices crypto exchange Binance to apply for re-entry to this island nation after failing to do so four years ago due to strict measures, according to Bloomberg.

Based on Japanese Prime Minister Fumio Kishida’s plan to modernize the economy, boosting the growth of Web3 companies is a key agenda. Therefore, Binance is seeking an operating license in the nation to enhance the growth and adoption of cryptocurrencies.

A Binance spokesperson noted:

“Binance is committed to working with regulators and lawmakers to craft policies that protect consumers, encourage innovation, and move our industry forward.”

In August, the Japanese government proposed a business-friendly crypto tax that would take effect from 2023, Blockchain.News reported.

For example, a 20% income tax levy on cryptocurrency gains made by individual investors was proposed, down from the current rate of 55%.

Lobbyists have been calling for corporate taxes to be relaxed because they were driving crypto companies away and relocating to other countries like Singapore and the United Arab Emirates.

For example, due to high taxes, the infrastructure company Web3 Stake Technologies Pte moved to Singapore in 2020. However, the CEO of the company, Watanabe Sota, revealed that he would move the company to Japan if the corporate tax was revised. .

On the other hand, the Japanese parliament passed a bill that classifies stablecoins as digital money that must be connected to the national currency, the yen or another legal tender. Additionally, stablecoins were required to be issued by licensed banks, registered money transfer agents, and trust companies.

This was a move intended to put guardrails in the stablecoin arena following the shocking collapse of TerraUSD (UST), which caused the loss of approximately $60 billion.

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