Despite the minting of $50 million in TUSD, Zhao previously said the regulatory crackdown on stablecoins in the U.S. will cause the USD-back stablecoin market to “shrink.”
Japanese Prime Minister says DAOs and NFTs help support government’s ‘Cool Japan’ strategy
Fumio Kishida said there were “various possibilities for using Web3” in Japan and has previously supported blockchain-based initiatives for authorities using digital solutions.
Japan’s FSA expects to allow certain stablecoins by June 2023
There is yet no opportunity to know whether US dollar-backed stablecoins like USDT or USDC will be allowed in Japan by June 2023, the FSA said.
Ripple CEO: XRP lawsuit resolved by June, SEC conduct ’embarrassing’
Ripple CEO Brad Garlinghouse said the firm’s XRP lawsuit could come to an end within “single-digit months.”
Coinbase stops Japan operations amid trading slump
Coinbase crypto exchange originally started planning its Japanese expansion during the bear market in 2018.
Japanese regulators want crypto treated like traditional banks
Mamoru Yanase said crypto needs the same safeguards as financial institutions and banks.
FTX asset sales challenged by U.S. Trustee: Report
A U.S. Trustee filed an objection to plans by FTX to sell its units in Europe and Japan, among other businesses.
New year, same old troubles — The FTX saga continues in 2023: Law Decoded, Dec. 26-Jan. 2
Having been granted the opportunity to enjoy Christmas and the New Year with his family, former FTX CEO Sam Bankman-Fried has very few reasons for optimism in 2023.
Kraken quits Japan for the second time, blaming a ‘weak crypto market’
The crypto exchange said it will deregister from Japan’s Financial Services Agency as a crypto asset exchange operator from Jan. 31.
Japan to lift the ban on foreign stablecoins like USDT in 2023: Report
None of the 31 crypto exchanges registered with Japan’s Financial Services Agency are currently offering trading in stablecoins like USDT or USDC.
Japanese Government To Ease 30% Crypto Tax Requirement – A Good Move?
Presently Japanese crypto firms pay a set 30% corporate tax rate on their holdings, regardless of whether or not they made a profit. Due to this stringent tax law over the past years, some local crypto firms reportedly chose to move their business elsewhere.
This development has impacted the country’s economic growth, and the LDP, having identified it as its primary task, wants to set things right.
The Liberal Democratic Party (LDP) of Japan addresses issues with administrative reform and collaborates with the U.S. to enact defensive and foreign policies.
The term Administrative Reform refers to multiple themes in the nation. An example of such themes is adopting measures like tax reform to stand the test of economic strain.
Japan Set To Ease Stringent Tax Rules
In line with its objectives to promote fast economic growth, the Japanese ruling party’s (LDP) tax committee held a meeting on December 15. The meeting was to deliberate on tax reforms. While at it, they approved an August-tabled proposal. The proposal seeks to remove taxes on crypto companies’ paper gains from issuance or custody tokens.
The Japanese government seeks to ease tax requirements on domestic crypto firms to facilitate the growth of the tech and finance sectors. Submission of more lenient crypto tax laws to parliament will commence in January and will take effect in the next financial year beginning in April.
LDP lawmaker and member of the Web3 policy office, Akihisa Shiozaki, spoke on the recent development in an interview with Bloomberg. Shiozaki noted that the move is a step forward in the economic reforms. He added that it would allow more companies to start token issuance businesses.
Japan’s Passion For Digital Currency Remains Unfazed Despite Crypto Winter
The new move from the Japanese government suggests it is keen to promote and foster the growth of the domestic crypto and Web3 sector. It also indicates that the current bearish trend in the crypto industry, including FTX’s crisis, did not affect its interest in blockchain technology.
Japanese Prime Minister, Fumio Kishida, hammered on the roles of NFTs, blockchain, and Metaverse in the county’s digital evolution in a statement in October. He cited practical examples using the digitization of national identity cards.
In October, the Japan Virtual and Crypto Assets Exchange Association announced plans to ease the strict screening process for listing tokens on exchanges. Kishida addressed this issue in June, asking the organization to loosen its stringent rules on the screening process.
Some top leaders in the private sector also shared the same thoughts with the Prime Minister. On December 8, Sumitomo Mitsui Financial Group (SMBC) announced an ongoing project to explore use cases of soulbound tokens (SBTs).
SBTs were part of Vitalik Buterin’s, co-founder of Ethereum, proposal to use tokens to represent people’s digital identity.
Japan set to ease 30% crypto tax on paper profits for token issuers
As it stands, Japanese crypto issuers are required to pay a set 30% corporate tax rate on their holdings, even if they haven’t realized a profit through a sale.
FTX reportedly gets 3 more months to stop all operations in Japan
Japanese authorities have postponed FTX Japan’s suspension deadline because the firm has so far failed to return assets from custody to creditors.
Japan’s Sumitomo Mitsui to issue soulbound tokens to explore Web3
Japan’s financial giant Sumitomo Mitsui Financial Group is experimenting with soulbond tokens to satisfy new social needs.
Japan recommends against algorithmic backing in stablecoins
The potential legal status of the Japanese Financial Service Agency’s recommendation is not clear as the current legislation is silent on algorithmic stablecoins.
Line shuts down crypto exchange to focus on blockchain and LN token
The Japanese messaging giant will still continue to support its Line blockchain ecosystem and the Link token despite the ongoing industry challenges.
Bank of Japan to trial digital yen with three megabanks
The Japanese central bank plans to make a decision on whether to issue a digital currency by 2026.
FTX Japan plans to resume withdrawals by 2023: Report
Japan’s Financial Services Agency requested the exchange suspend business orders on Nov. 10 prior to FTX Group declaring bankruptcy in the United States.
FTX-owned Liquid exchange pauses all trading after withdrawal halt
Liquid’s operational halt comes five days after the exchange suspended all withdrawals due to FTX’s bankruptcy filing.
FTX-owned crypto exchange Liquid halts all withdrawals
Sam Bankman-Fried’s FTX exchange acquired the Japanese crypto trading platform Liquid Group and its subsidiaries in February 2022.