- Crypto exchange giant aims to become licensed digital asset service provider in Europe’s largest economy
- The move comes just weeks after the exchange received regulatory approval from French regulators with the aim of entering the European market.
Expansion plans by Binance, the world’s largest cryptocurrency exchange, have shifted focus to gaining regulatory approval in Germany. Co-founder and CEO Changpeng Zhao said the exchange pulled out late last year after pressure from financial authorities across several jurisdictions, including Germany, forced the exchange to suspend operations. bottom.
Germany could join Dubai, Abu Dhabi and Bahrain on the list of jurisdictions where Binance is licensed to operate. Binance CEO recently meeting The exchange is recruiting compliance officers in Japan.
German license approval could be the perfect gateway to other jurisdictions
The European Union has recently become conservative with its approval of crypto licenses. German approval could be a game changer for exchanges in terms of expansion. Not only will it prove to other financial authorities around the world that crypto can be regulated, but it will also bring progress to the blockchain ecosystem as a whole.
Binance’s forays into the Middle East and France underscore the exchange’s commitment to compliance within the jurisdictions it seeks to obtain permits. This includes joining the Cyber Forensics and Training Alliance earlier this year to reduce the threat of cybercrime, creating a tax reporting tool, and building a law enforcement assistance system to help law enforcement obtain information they think might be useful. There are several forms, such as offerings.
German Federal Ministry of Finance’s Tax Guide Sends Positive Signals
With Binance submitting the request and building the necessary framework for approval, the German tax authorities administrative guidance To guide individuals and businesses in filing income tax returns for crypto and other tokens. According to the ministry’s site, this indicates positive steps are being taken in light of blockchain progress in the country.
As a digital asset service provider, Binance aims to quickly expand its operations in Germany, provided license approval is forthcoming. Given that Germany is Europe’s largest economy, the spotlight is on Germany after France recently dismissed common misconceptions about cryptocurrencies by granting a license.
The European Union could soon change its perception of the crypto space if Germany grants the coveted license to Binance.