Nikolas Sargeant
Gate.io, a major cryptocurrency exchange, has announced its intentions to enter the Japanese market, with CEO Lin Han outlining plans for a "full-scale advance." The announcement was made during the WebX conference on August 28, as reported by Japanese media outlet CoinPost.
Gate.io's Strategic Move into Japan's Crypto Landscape
Lin Han revealed that Gate.io is actively pursuing the necessary licensing procedures to establish operations in Japan. This move comes as a surprise to many, given the historically challenging regulatory environment that has previously deterred global exchanges like Binance from entering the market.
While some international players like Coinbase and Kraken have attempted to gain a foothold in Japan, they ultimately withdrew their operations. The Japanese crypto market remains largely dominated by domestic firms, making Gate.io's entry plans particularly noteworthy.
"There are few countries with clearer regulations and stronger user protection measures than Japan," stated Lin Han, emphasizing the appeal of the market despite its challenges.
Prioritizing Security and Regulatory Compliance
Addressing potential concerns in light of past incidents like the FTX collapse, Han stressed that security would be Gate.io's "top priority" in its Japanese operations. The exchange plans to implement strict measures to prevent similar occurrences and ensure user trust.
Han outlined key aspects of Gate.io's approach, including:
- Strict adherence to Japanese regulations
- Clear separation of customer and exchange assets
- Storage of customer funds in offline "cold" wallets
- Offering a diverse range of tokens while maintaining high security standards
The announcement follows Gate.io's recent decision to discontinue services for existing Japanese users, likely in preparation for its official market entry under proper regulatory oversight.
