Browsing: Japan
The Japan Blockchain Association (JBA), a prominent non-governmental lobbying group, has officially requested the government’s attention to address three key areas of concern in easing the fiscal burden on crypto holders.
Japan’s National Tax Agency has announced a partial revision of its corporate tax guidelines. The revised guidelines introduce a fresh set of rules specifically designed for digital token issuers, effectively eliminating taxes on unrealized gains from crypto assets issued by companies.
On May 30, major Japanese crypto exchange bitFlyer announced the implementation of measures in response to the stricter enforcement of anti-money laundering (AML) regulations targeting crypto transactions in Japan.
According to Kyodo News, Japan is preparing to implement stricter measures against money laundering, which will include the adoption of the “travel rule” established by the Financial Action Task Force (FATF). The decision was made by Japan’s cabinet on Tuesday following the FATF’s assessment that the nation’s existing anti-money laundering measures were inadequate.
Binance, the cryptocurrency exchange, is ready to re-enter Japan after acquiring the licensed cryptocurrency trading platform Sakura Exchange Bitcoin (SEBC). Binance purchased the exchange, a Japan Financial Services Agency-licensed company, in November 2022, with the intention of reentering the Japanese crypto market.
Japan FSA said foreign crypto exchanges Bybit, BitForex, MEXC Global and Bitget are operating in the country without proper registration in a warning letter published on Friday.
The “Japan Open Chain” will be used in a stablecoin test involving Japanese banks. The test will also involve local governments and private companies.
The Bank of Japan will reportedly begin testing the use of a digital yen in April this year. The agency has previously said it could use Sweden as a model for launching a CBDC.
Japanese financial regulators have urged global regulators to treat cryptocurrencies like banking and called for tougher regulations for the industry.
Japan’s FSA could remove restrictions on domestic distribution of stablecoins created abroad. A report claims that the country could loosen…