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Japan Financial Regulator Requested to Reduce Crypto Tax by Economic Alliance

Japan Financial Regulator Requested to Reduce Crypto Tax by Economic Alliance

Japan’s Financial Services Agency (FSA) has been requested by the Association of New Economy (JANE) to reduce the current tax rate for crypto-related income, media reported on 14 February 2019. In a proposal request, it has been suggested to the FSA to impose progressive taxation on crypto instead of general taxation, noted media report. The initiative was led by Rakuten’s CEO, Hiroshi Mikitani. …


Depreciating Cost of Mining Machines, Bitcoin Price Hit GMO Group

Its latest company report published this week confirmed that the GMO group suffered losses of JPY 1.3 billion (USD 12 million) in 2018, mainly due to a drop in cryptocurrency mining activity. A company spokesman for the Japanese company which supports internet infrastructure, internet finance, and cryptocurrency mining business, put the down the losses to the declining price of Bitcoin in …


FSA Reports Drop in Crypto Inquiries, Is Japan Losing Interest?

FSA Reports Drop in Crypto Inquiries, Is Japan Losing Interest_

In a report from the Financial Services Agency (FSA) last week, the number of inquiries about cryptocurrencies received by the Japanese financial regulator during the period of Q4 of 2018 had declined. Could Japan citizens be losing interest in crypto? According to the report published on 8 February, in Q3, the FSA had received as many as 1231 inquiries related …


Report: Japan, South Korea Playground for Bad Actors in 2018

Report: Japan, South Korea Playground for Bad Actors in 2018

The latest CipherTrace report into cybercrime has revealed that much of the USD 1.7 billion worth of cryptocurrency stolen in 2018 came from the Asian Bitcoin arena of Japan and South Korea. In the “Cryptocurrency Anti-Money Laundering Report, 2018 Q4”, it is stated that out of the funds either stolen through hack or scams, about USD 950 million came from cyber …


Can Japan Make Bitcoin Splash at Tokyo Olympics?

Can Japan Make Bitcoin Splash at Tokyo Olympics?

Those promoting the adoption of Bitcoin and other cryptocurrencies as a form of payment in Japan will be hoping that next year’s Games of the XXXII Olympiad (Tokyo Olympics) will bring out the crypto spenders. The Japanese are traditionally a nation of cash spenders, unlike China and South Korea who have taken more to credit and debit cards for their …


Japan Approves Trial for Yen-Backed Stablecoin Settlement

Japan Approves Trial for Yen-Backed Stablecoin Settlement

A subsidiary of Japanese internet group Digital Garage has been approved for the first blockchain finance project authorized by the government’s new regulatory sandbox. Crypto Garage will test the issuance of a Japanese yen-backed stablecoin using Blockstream, a Bitcoin infrastructure startup. Excited to announce @CryptoGarageInc, a Joint Venture between @DigitalGarage, Tokyo Tanshi & @Blockstream, developing #SETTLENET & $JPY #stablecoin for #LiquidNetwork. Alongside …


Japan Regulator Denies ETF Rumors

Japan

Japan regulator Financial Services Agency (FSA) has denied rumors that it is considering the option of Bitcoin exchange-traded funds (ETFs). The denial comes after the report by Bloomberg from an anonymous source that claims FSA was mulling on the acceptance of Bitcoin ETFs. The agency has categorically denied that fact, saying, “At this moment, we are not exploring an approval …


Japan May Regulate Unregistered Crypto Investments

Japan

The Financial Service Agency (FSA) of Japan is reportedly looking to crack down on unregistered crypto investment firms and bring them under the Financial Instruments and Exchange Act. Tentative dates for the aforementioned action have not been announced yet. It stems from a legal loophole which allows unregistered investment firms to collect funds in cryptocurrencies rather than cash, an oversight …


Coinfloor to Launch Derivative Crypto Futures Amid Tough Market

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Top UK cryptocurrency exchange Coinfloor has told Bloomberg, that it is venturing into the derivatives market despite the seemingly poor market outlook and fierce competition in the futures market, with physically-delivered Bitcoin futures the new emerging derivatives for the asset class. The CoinfloorEX spinoff of the Coinfloor cryptocurrency exchange will be offering the new physical Bitcoin futures services to sophisticated Asian …


Japan Talks Bitcoin ETF, Ignores Futures Package

Japan Talks Bitcoin ETF, Ignores Futures Package

As reported by the news outlet Bloomberg today, the financial regulator in Japan has abandoned its plans to allow Bitcoin futures but will consider the possibility of an exchange-traded fund (ETF) based off the new asset class. The source cited someone who was familiar with the development as saying that the Financial Service Agency (FSA) was “gauging industry interest in …


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