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Japan’s Financial Services Agency Hits Exchanges with Unexpected Inspections

Amidst a sudden drop in cryptocurrency prices at mid-week, Japan’s Financial Services Agency (FSA) reported that they had carried out a surprise inspection of two Japanese exchanges. Bitcoin dropped 2.25% to USD 5,409.4 by 12:46 PM ET (04:46 GMT), after rising to a one-month high at USD 5,586.3 in the mid-week. The drop-in prices pushed the crypto market cap down …


Japan Regulator Urges Improved Security for Offline Crypto Custody

Japan Regulator Urges Improved Security for Offline Crypto Custody (1)

Cryptocurrency exchanges in Japan will be required to fortify their cold wallet storages, according to a Reuters report. Citing a source with direct knowledge of the matter told, the report states that Japan’s financial regulator, the Financial Services Agency (FSA), is uneased by the current security levels of some exchanges as it perceives risks of internal thefts that threaten cold …


Chinese Miners Struggle for Easy Ride in Iran

Things aren’t turning out to be smooth for Chinese Bitcoin miners heading into Iran to profit from cheaper electricity rates. Long before China hinted it may consider halting Bitcoin mining projects, the exodus began and Iran recently became a hotspot for miners along with parts of South East Asia such as Vietnam and Cambodia. China’s National Development and Reform Commission …


Japan’s Largest Bank to Implement Stablecoin in 2019

Japan’s Largest Bank to Implement Stablecoin in 2019

The Mitsubishi UFJ Financial Group (MUFG) has announced that it will put its native digital currency and stablecoin MUFG Coin into practical usage by the end of 2019, according to Cointelegraph Japan. The rollout was first disclosed to national newspaper Asahi Shimbun by new president Kanetsugu Mike. The largest bank in Japan is also the fifth largest in the world, …


Japan Central Bank Examines Digital Currencies Again

Japan Central Bank Examines Digital Currencies Again

The role of central bank digital currencies (CBDCs) in the present monetary system is being re-examined by the Bank of Japan (BoJ). The central bank summarized the findings in a comprehensive report published after previous negative opinion of CBDCs by the bank last year. In the said report, BoJ mentioned various approaches to implement a CBDC. Moreover, probable outcomes of each approach …


Rakuten May Soon Accept Crypto Payments

Japan’s Amazon-analog Rakuten, in its last earnings report, has announced that it will be releasing new features on its pay mobile app which may supposedly allow its users make use of cryptocurrency transactions through the gateway in the near future. Rakuten didn’t directly say that it would accept cryptocurrencies, however, it did give a hint that all payment options will …


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 …


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