This news is a big boon for @ Backpack!! He actually ran through in Japan Many people think that 'Japanese users can use a certain overseas platform' because the platform is lucky. Actually not Even if you want to open a Spicy Hot Pot store in Japan, you have to go through a lot of inspections first. No one can come here if he wants to. very tedious Why do we say 'this road is not easy' 1) Many platforms do not directly serve Japan The most convenient way is to restrict Japanese residents/Japanese KYC. It's not that the product is not good, it's because the compliance cost is too high and I'm too lazy to roll it up. 2) The approach of Japanese domestic platforms: more stable and conservative It can be used and is more reassuring, but the functions are often not so radical. Many functions that we have long been accustomed to will not be given to you in the first place. The bottom line of Japanese regulation is that providing cryptocurrency trading services should, in principle, be included in the registration list of the Financial Services Agency. Others may find it troublesome and choose not to touch the Japanese market. Backpack is the most difficult test to take. 3) @ Backpack is treating compliance as a threshold @What impressed me the most about Backpack is that it really treats "compliance" as a threshold and tackles it hard. Dubai, Europe (Cyprus), Australia, the United States... the map is advancing piece by piece, and registering this is the most troublesome route. What I admire more is Japan, but rather following the "legitimate process" of JVCEA's second type of membership honestly. This is choosing the most difficult, slow, but most effective way to bring in institutional funds - those who are willing to do so are not many projects in the market. So now Borrow/Lend is online, your BTC/ETH/SOL/XRP/USDC doesn't need to be sold, and you can 'borrow it out to earn some interest'; Or use it as collateral to lend USDC for turnover - at least there is one more way to play. But putting the ugly words at the forefront, Borrow is not freelancing. Once the coin price drops, if you don't have enough collateral, you may be forced to sell the coin. Encountering a market like 1011 also makes one sigh. Don't assume that you are the chosen one right away.