Binance just announced a new zero-fee spot trading promotion for XRP, Dogecoin (DOGE) and Cardano (ADA) trading pairs with the Japanese yen (JPY). This is great news for users in Japan’s cryptocurrency market. The promotion is only for the ADA/JPY, DOGE/JPY and XRP/JPY pairs and runs from Nov. 15 to Nov. 27, 2024. It offers fee-free trades for new and existing users on Binance Japan’s platform.
This special offer is designed to get more trading going, making the most of the power of the DOGE, XRP and Cardano communities on the Japanese exchange.
On the other hand, zero-fee trading for these specific cryptocurrencies could help them rank higher, grow in adoption and add weight to their market presence. On the other hand, Binance Japan is looking to attract more trading activity from investors interested in digital assets paired with the Japanese yen.
Crypto regulation in Japan
This promotion comes at the same time as Japan is making some changes to its rules about digital assets. The Financial Services Agency (FSA) in Japan is planning to review its regulatory framework, with several proposals to lower taxes on crypto gains and allow the launch of domestic funds investing in digital assets.
The new rules could cut the tax on cryptocurrency gains from the current rate of up to 55% to 20%. This would make crypto more tax-friendly, like stocks and other assets in Japan.
Related
It is also possible that the ban on exchange-traded funds containing crypto will be lifted. This could definitely encourage more institutional investment, especially if the ban on Bitcoin ETFs is lifted.