2 months ago
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Not long after announcing its exit from Japan, Gate.io is planning to obtain an operational license in the country according to its CEO.
Major cryptocurrency exchange Gate.io is planning a renewed push in Japan to offer cryptocurrency trading services to residents in the country. According to the company’s chief executive officer (CEO) and founder Lin Han, Gate.io is working on a “full-scale advance”.
Gate.io to Obtain Full Operating License in Japan
Japanese media outlet CoinPost reported Han’s comments at the recent WebX conference, a major Web3 event run by CoinPost Co., Ltd. Speaking in a session with WebX founder Makoto Aoki at The Prince Park Tower in Tokyo, Han said Gate.io is going through Japan’s licensing process. The CEO and founder said only a few countries have strong user protection and clear regulations like Japan.
Han offered some insight into Gate.io’s plans during his conversation with Aoki. According to the founder, the exchange has security as a major focus. Han believes this is important to avoid problems like embezzlement and other issues similar to FTX’s troubles. To avoid these problems, Gate.io will use cold wallets, segregated management strategies, and follow other rules and regulations.
Emphasizing the exchange’s commitment to comply with regulations in Japan, Han offered data from research conducted by Gate.io, which shows that many tokens and exchanges are still globally unregulated. He compared this with the heavy regulation Japan’s Financial Services Agency enforces on cryptocurrency exchanges in the country.
Han’s comments are interesting because the exchange announced its plans to exit the Japanese government in July. In an official blog post, the exchange noted a suspension of new registrations from July 22. The announcement also listed a few steps it planned to take as part of its exit process. Gate.io said it would launch a compliance program focused on Japanese regulations and support users looking to move their transactions to crypto exchanges that are already compliant.
The exchange also said it would delete any Japanese descriptions on its platform and implement all plans and details for service suspension and scheduling, in compliance with requests from Japanese authorities.
Gate.io Expanding Global Presence with $100 Million Web3 Fund
Along with plans for Japan, Gate.io is also pushing its presence in other countries as it competes with several major crypto exchanges worldwide. Last week, the exchange announced a $100 million Web3 innovation fund in partnership with the Blockchain Center in Abu Dhabi. The plan is to make significant investments in several projects across major religions, including Asia, the USA, Europe, and MENA.
Called Falcon Gate Ventures, the fund will provide selected projects with much more than financial backing. According to a publication, the aim is to “advance decentralized infrastructure and applications and accelerate the adoption of pioneering technologies”.
Doing this involves providing projects with global coverage and stimulating their growth in the global web3 ecosystem while advancing economic development. In addition, Falcon Gate Ventures intends to promote the UAE as a central hub for the global digital economy. Furthermore, the fund will pay attention to regulatory compliance, ensuring that it contributes to developing regulatory frameworks that protect users and foster innovation.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
