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The Japanese government is seeking to impose measures aimed at preventing cryptocurrency traders and investors from evading taxes on the income generated from trading these assets. According to The Mainichi, the measures would see the country’s tax body, the National Tax Agency (NTA), empowered to demand that cryptocurrency exchanges provide information concerning clients who are … Continued
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On November 26, the Financial Services Agency (FSA) of Japan held an internal meeting to discuss the possibility of allowing private crypto initial coin offering (ICO) projects. Nikkei exclusively reported that local financial authorities are actively exploring the legalization of ICOs for institutional investors and accredited investors, as long as they are lawfully conducted within
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Japan’s Financial Services Agency has held several meetings to discuss how to best regulate initial coin offerings. In addition to registration requirements, the regulator reportedly plans to amend two existing laws that can be applied to token sales.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
The Financial Services Agency (FSA), Japan’s top financial regulator, “is set to launch regulations on initial coin offerings [ICOs],” Jiji Press wrote on Saturday. Sources told the news outlet:
The FSA will require business operators that issue their own
cryptocurrencies to be registered with the agency.
The Philippine government-owned Cagayan Economic Zone Authority has unveiled a plan to attract Japanese, Korean and Australian companies to its “Crypto Valley of Asia.” The authority is also cracking down on crypto companies operating within its economic zone without a license.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
The Cagayan Economic Zone Authority (Ceza) announced last week its plan to attract companies from Japan, Korea, and Australia to its Crypto Valley of Asia.
Listen Here – https://soundcloud.com/cryptodaily/tron-trx-is-set-to-take-over-japan
One of the major targets for TRON is Asia. We get the feeling that for Justin Sun, the founder of TRON, TRX adoption across a number of Asian countries is sort of the dream and indeed, TRON does offer these countries a lot through the TRX currency and the TRON blockchain. In essence, TRX is very adoptable in Asia, as it is across the rest of the world.
The financial regulators in Japan, Financial Services Agency has given its approval for the countries digital currency industry to regulate itself. The official announcement was made on the Japan Virtual Currency Exchange Dealers Association website on Wednesday. The FSA approval gives the association rights to set rules to safeguard investor assets, prevent money laundering and give operational regulations.
The announcement said it had received a certification as an accredited fund’s settlements corporation from the FSA. he explained that its self-regulatory powers will come into effect from Wednesday this week.
In the announcement it said:
Masayoshi Amamiya, Bank of Japan’s Deputy Governor, stated on Saturday that it was unclear whether digital currencies could enhance the monetary policies of central banks. He elaborated that the Bank of Japan had no plans whatsoever to issue a cryptocurrency. Ongoing Debate Mr. Amamiya said that there was “quite a hurdle” for cryptocurrencies to overcome
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MoneyTap, the Ripple-powered payments app has officially gone live according to a tweet by the official account on October 3rd. The consumer-focused service was co-developed by the Japanese financial service SBI Holdings and Ripple.
On the MoneyTap website, the app will begin to use Ripple’s blockchain solution – xCurrent – to enable a domestic bank to bank transfers in real time. Account holders at SBI Sumishin Net Bank, Resona Bank and Suruga Bank will be able to send funds using the mobile app.
Continue reading SBI & Ripple Launch Blockchain Payment App In Japan at Crypto Daily™.
The Japan Virtual Currency Exchange Association says it will tighten investor protection stipulations after a wave of hacks on digital currency exchanges.
Citing informed sources, the Japan Times reported the Japan Virtual Currency Exchange Association (JVCEA) has agreed to revise certain self-imposed rules to keep investors safe in the wake of hacks.
The JVCEA is set to place a cap on the number of cryptocurrencies managed, which will reportedly equal between 10-20% of customer deposits.
The decision largely comes after hackers managed to walk off with about $ 60 million dollar’s worth of digital currency from the Zaif exchange earlier in September.
SBI Remit and BitPesa are collaborating to enable easy money transfer services between Japan and several African countries. The partnership sees the Bitcoin blockchain’s utilization as an enterprise remittance vehicle.
According to Forbes, the agreement sees SBI Remit being able to offer its over 450,000 customers with the ability to send money to Africa using the Bitcoin blockchain. Thus, SBI Remit will use BitPesa’s enterprise payment framework to offer liquidity to small businesses in Africa.
Google, the $ 828 billion search engine behemoth, has unbanned crypto-related ads, allowing regulated companies to utilize its platform to advertise their products. In March, Google executive Scott Spencer stated that cryptocurrency investments have potential to cause harm in financial markets, leading the search giant to ban crypto ads. He stated: “We don’t have a crystal
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BitPesa, a digital treasury management solution that leverages blockchain settlement to lower the cost and improve the speed of payments to and from frontier markets, has teamed with SBI Remit, Japan’s largest remittance service provider, to make it easier for Africans to buy Japanese products. The two firms are leveraging blockchain technology to reduce
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Breaking news out of Japan today comes as yet another cryptocurrency exchange is hacked, seeing around $ 60 million worth of Bitcoin, Bitcoin Cash and MonaCoin lifted from Zaif, a Japanese based cryptocurrency exchange.
We covered this story a little earlier on so therefore won’t harp on about Zaif too much. The big issue here is that when you actually assess the full scale of the damage of these hacks in Japan, the findings are frankly shocking.
Barely before the ink had dried on the news that Japanese cryptocurrency exchange Zaif had been hacked and slightly less than US$ 60 million stolen, the National Police Agency (NPA) of Japan has released a report highlighting the vulnerability of Japan’s crypto space. According to the NPA, the number of incidents involving the theft of funds
The post Japan Cryptocurrency Theft Cases Tripled in H1 2018, $ 530 Million Stolen: Police appeared first on CCN
Japanese financial services group SBI Holdings will launch its consumer payments application MoneyTap, on both Android and iOS, using Ripple’s blockchain technology. SBI Ripple Asia, a joint venture established by SBI Holdings and San Francisco-based FinTech giant Ripple in early 2016, will soon launch ‘MoneyTap’, CEO Takashi Okita revealed on his own Twitter handle. MoneyTap
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Giant cryptocurrency exchange, Huobi has acquired a majority stake in Japan-based BitTrade in a move that is aimed at significantly scaling the trading platform and giving it greater global recognition. Now based in Singapore, Huobi was originally founded in China in 2013 and has over the years grown beyond borders into a number of nations
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While the Supreme Court of India hears the crypto exchange industry’s case against the central bank following the latter’s banking ban, regulators are exploring regulatory policies for the nascent sector. Businesses and associations in the cryptocurrency and blockchain sector are expected to participate in the hearing alongside the Securities and Exchange Board of India (SEBI),
The post Is India Ready to Legalize Crypto? Officials Visit Japan & UK to Study Policies appeared first on CCN
The Securities and Exchange Board of India has sent officials to Japan, the UK, and Switzerland to study cryptocurrency and initial coin offerings from each of the three countries’ financial regulators. The securities watchdog aims to engage with international regulators and gain a deeper understanding of their crypto mechanisms and systems in order to improve its own process.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
The Securities and Exchange Board of India (SEBI) revealed in its annual report 2017-18 that it sent some officials to three countries to study how the regulators there deal with cryptocurrencies.
Japan’s primary financial regulator has dramatically increased its screening process of applicants registering to open cryptocurrency exchanges, according to a local report. The Financial Services Agency (FSA), Japan’s financial regulator and watchdog, has “increased the number of questions asked when screening applications to about 400 items”, a four-fold increase from previous norms, the Japan Times
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Three Japanese public companies have individually made announcements regarding their cryptocurrency operations. Forside has grown its mining operation with a plan to sell 7nm bitcoin mining rigs. Farsteps is planning a Singapore exchange launch. Meanwhile, Line Corp, the operator of Japan’s most popular chat app, has added crypto price quotes to its Clova AI assistant and has launched a token fund. In addition, human consultants are now available to answer questions about bitcoin for free from within the Line chat app.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
