Binance Japan is set to launch in August with a listing of 34 cryptocurrencies, outpacing major domestic rivals such as Bitbank, GMO and Coincheck.
This listing includes well-known tokens such as Bitcoin (BTC), Ethereum (ETH) and Cardano (ADA), among others. In a significant first for Japan, the list will also feature Binance's native token, Binance Coin (BNB).
It is worth noting that the new exchange will not offer leveraged trading since it requires stringent licensing standards in Japan.
The company's decision to list a record number of 34 tokens upon launch could be a strategic attempt to attract a broader audience of experienced users, with the roster including tokens related to decentralized Finance (DeFi) and blockchain-based games, referred to as Web3.
Binance Japan's bold move comes at a time when the Japanese government is taking a proactive stance toward Web3 technologies, with PM Fumio Kishida recently expressing his support for the transformative potential of Web3 at the WebX conference.
In April, a faction of Japan's Liberal Democratic Party shared a document outlining plans for the growth of the national cryptocurrency industry, including changes in tax laws and clearer accounting rules.
This is part of PM Kishida's "Cool Japan" technology promotion strategy that is meant to turn Japan into a cryptocurrency hub.
The news of Binance Japan's imminent launch follows former CFTC Chairman Chris Giancarlo's comments on Japan's potential for a crypto boom amid regulatory turmoil in the U.S.
The recent regulatory challenges faced by Binance and Coinbase in the U.S. might provide Japan, with its established legal framework, an opportunity to cement its position as a crypto-friendly nation.