As an analyst with over two decades of experience in the financial industry, I find Gate.io’s strategy to be both intriguing and cautiously optimistic. Having navigated through the tumultuous world of cryptocurrencies, I can appreciate the challenges that exchanges face in maintaining user trust and regulatory compliance.
Gate.io, a significant cryptocurrency exchange, is planning a substantial expansion in Japan, aiming to provide trading services to Japanese residents. As stated by the company’s CEO and founder, Lin Han, this move represents a “full-scale progression” for Gate.io in the Japanese market.
Gate.io to Obtain Full Operating License in Japan
A Japanese news platform named CoinPost reported Han’s statements during the WebX conference, a significant Web3 event organized by CoinPost Co., Ltd. At a session with WebX founder Makoto Aoki held at The Prince Park Tower in Tokyo, Han mentioned that Gate.io is undergoing Japan’s licensing procedure. In his words, only a handful of countries possess robust user protection and clear regulations similar to Japan’s.
During his discussion with Aoki, Han shared some information about Gate.io’s future plans, emphasizing that the exchange places a high priority on security matters. The founder believes this is crucial to prevent issues such as embezzlement and problems similar to FTX’s predicament. To ensure safety, Gate.io intends to utilize cold wallets, implement segregated management systems, and adhere to various rules and regulations.
Highlighting their dedication to abide by Japanese regulations, Han presented findings from a study carried out by Gate.io, indicating that numerous tokens and platforms worldwide remain unregulated. In contrast, he pointed out that Japan’s Financial Services Agency imposes stringent regulatory oversight on cryptocurrency exchanges within the country.
Han found the comments intriguing because the exchange revealed its intention to leave the Japanese government in July, as stated in an official blog post. In this post, the exchange mentioned a temporary halt on new registrations starting from July 22nd. Furthermore, the announcement detailed several actions they would take during their exit process. Specifically, Gate.io announced that it would initiate a compliance program to adhere to Japanese regulations and help users transfer their transactions to crypto exchanges that are already compliant with these regulations.
The exchange announced that it will erase any Japanese content on its site and execute all necessary steps for service termination and scheduling, in accordance with instructions from the Japanese authorities.
Gate.io Expanding Global Presence with $100 Million Web3 Fund
In addition to its strategies for Japan, Gate.io is also expanding its influence in various countries as it challenges prominent global crypto exchanges. Last week, the platform unveiled a $100 million Web3 innovation fund in collaboration with the Blockchain Center in Abu Dhabi. The aim is to make substantial investments in numerous projects spanning major regions such as Asia, the United States, Europe, and MENA.
Under the name Falcon Gate Ventures, this fund intends to support chosen projects in ways beyond just financial aid. As stated by a publication, their objective is to foster the development of decentralized infrastructure and innovative applications, ultimately speeding up the integration of groundbreaking technologies.
This action entails offering projects worldwide support, helping them thrive in the global web3 marketplace, and encouraging economic progress. Moreover, Falcon Gate Ventures aims to establish the UAE as a primary center for the international digital economy. Additionally, the fund will prioritize regulatory adherence, focusing on creating regulations that safeguard users and encourage innovation.
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2024-08-29 14:33