Binance, one of the most prominent digital assets exchanges worldwide, has never stopped in its tracks to break new grounds and explore new nations. The company’s CEO, Changpeng Zhao, announced at an event in Germany that his organization is currently holding talks with regulatory agencies in Germany concerning establishing a branch there.
Additionally, the digital assets exchange is also employing compliance employees to work in its incoming German branch. Zhao made these comments while speaking on-stage at a festival in Germany relating to digital marketing.
Moreover, the Chief Executive disclosed that his organization has applications waiting for approval at regulatory agencies. The latest move by Binance proves extremely relevant to the digital asset industry in Germany as the prominent digital assets exchange already established an outlet in France.
Earlier this month, Binance completed all licensing requirements it needed to operate fully as a virtual asset financial technology company. The successful licensing made Binance the premier cryptocurrency exchange in the nation.
Binance to Register in Crypto-Friendly Germany
The intention of Binance to set up a branch in Germany also appears to come at a vantage time, as the European nation advances its reputation as one of the world’s most crypto-friendly nations. According to recent data from Coincub, the nation stands ahead of other nations based on how favorable the economies are to the emerging asset class industry.
Moreover, the country’s Finance Ministry rolled out the premier virtual assets taxation guidelines. Also, one of the most prominent financial institutions in Germany, Commerzbank, recently applied to get a license to take custody of digital assets.
However, not everyone in the European nation completely approves of Bitcoin. For instance, a senior official at BaFin, a financial regulatory body in Germany, warned the public against the risks of investing in the blockchain and decentralized finance sector. Nevertheless, the overall body language in Germany provides a welcoming environment for the emerging asset class industry.
Binance Puts Its Words to Action
The latest information about Binance’s expansion activities and intentions across different nations attest to statements made by the exchange’s Chief Executive Officer in 2021. The digital asset exchange’s boss announced then that his organization would partner with global regulatory agencies as it enlarges its operations.
Also, Zhao announced that his company’s intentions remain operating within legal structures in all the different countries where it sets up a subsidiary. The executive also added that the organization has plans to set up different regional headquarters to supervise different sub-regions globally as the digital asset exchange expands its horizons.
The digital asset industry has been experiencing a downtime lately, after the market rally of November 2021. Therefore, regulatory agencies globally call for legislative actions to assist in shielding consumers from the effects of the volatile emerging asset class industry.
Two months ago, the European Parliament legislated for the reation of a regulatory policy called the Markets in Crypto Assets (MiCA) , the first of its kind globally. The essence of the regulation, according to its creators, was to roll out policies which would favor the innovative industry. Reports say the regulation has to pass through series of readings before becoming law.