Between September 23 and 29, several Asian countries took steps that could significantly impact the future of #crypto . From China's focus on improving cryptocurrency research to Japan's changes in gaming regulations and Turkey's stance on cryptocurrency taxes, the week brought significant shifts in policies and plans related to digital assets.
China Focuses on Strengthening Cryptocurrency Research
At the Tsinghua Wudaokou Chief Economists Forum in Beijing, held on September 28, former Chinese Deputy Minister of Finance Zhu Guangyao emphasized the need to deepen research in the field of digital assets, as reported by Wu Blockchain.
Zhu pointed out that while digital assets pose risks to capital markets and may complicate global efforts to combat money laundering, they also have great potential to support economic growth.
Japan Revises Rules for Cryptocurrencies in Gaming
The Japanese Financial Services Agency (FSA) announced on September 24 plans to revise regulations concerning cryptocurrencies in the gaming industry. The goal is to simplify the rules for companies managing digital assets within games.
These changes are expected to lower the barriers to entry for Japanese companies into the blockchain gaming sector. The FSA's move aims to support domestic businesses and allow them to better compete in the global market.
Additionally, on September 25, the FSA began discussions on amendments to the Payment Services Act. Current regulations require companies offering services involving virtual currencies to obtain licenses from exchange operators, which include strict requirements on asset management and insurance. These requirements have often been viewed as obstacles for companies in the crypto gaming space.
Turkey Abandons Plans for Additional Cryptocurrency Tax
Turkish Vice President Cevdet Yilmaz announced that the government does not plan to introduce additional taxes on stock or cryptocurrency trading. In an interview, Yilmaz explained that although such taxes had been considered, they were ultimately removed from the legislative agenda.
This decision follows a period of uncertainty in June when speculation about potential taxes negatively impacted the Turkish stock market. The Turkish government now plans to focus on narrowing the scope of existing tax exemptions rather than introducing new taxes.
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