Binance Adds Yen Support to BNB,BTC and ETH

Binance is set to introduce spot trading pairs for BNB, BTC, and ETH against the Japanese yen (JPY) on a global scale. The exchange has announced plans to launch these trading pairs next week, both on its worldwide platform and its Japanese trading arm, with the scheduled date being March 12.

Upon the launch, Binance intends to kick off a month-long zero-fee promotion for these new yen-crypto pairs, as stated in its announcement.

This move comes as part of Binance’s recent efforts to strengthen its presence in Japan. In August, the exchange established a local trading division, marking its re-entry into the Japanese market following a hiatus in 2021. It’s worth noting that Binance’s global platform ceased operations for Japanese residents in December, according to information available on its website.

Moreover, Binance has been actively expanding its footprint in Japan, including forging a partnership with Mitsubishi UFJ Trust and Banking Corporation (MUTB) to explore fiat-based stablecoins. The goal is to launch yen and other fiat-based tokens by the end of 2024. Binance Japan has stated its ambition to list 100 tokens, and with the addition of these three trading pairs, the total offering on the platform would reach 50 tokens.

Japan has been progressively adjusting its regulatory framework to support the local crypto industry. In December, the Japanese cabinet approved a revision to the tax regime, which would exempt companies from paying taxes on unrealized crypto gains. Additionally, last month, the cabinet approved a proposal allowing venture capital firms to directly invest in crypto startups, further fostering the growth of the sector.

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