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Japan is gearing up for a review of its cryptocurrency regulations, which could lead to lower taxes on digital assets and the introduction of domestic funds that invest in tokens. The Financial Services Agency (#FSA ) will evaluate whether the current regulation under payments law is sufficient, focusing on investor protection given that tokens are primarily used for investment rather than transactions.
If digital assets are reclassified under the Financial Instruments and Exchange Act, this could enhance investor safeguards and trigger significant changes in the sector. Analysts, like Yuya Hasegawa from #Bitbank , suggest this shift might encourage the government to reduce the tax on crypto gains from the current high of 55% to a more manageable 20%, similar to the taxation of stocks. Additionally, it could lead to the lifting of the ban on exchange-traded funds that include tokens.
Japan's #crypto executives have long advocated for less stringent regulations to stimulate growth, especially following high-profile incidents like the #MtGox hack in 2014 and a more recent $320 million breach at DMM Bitcoin. Amid these regulatory considerations, major companies like Sony and Mitsubishi UFJ Financial Group are exploring blockchain and stablecoin initiatives.
Trading volumes on Japanese digital-asset exchanges are rebounding, reaching nearly $10 billion monthly, boosted by a market rally. However, it's uncertain if the incoming administration under Shigeru Ishiba will continue the push for web3 innovations prioritized by former Prime Minister Fumio Kishida. The review process by the FSA is expected to extend through winter, with no definite conclusions yet.
#bitcoin☀️ $BTC
If digital assets are reclassified under the Financial Instruments and Exchange Act, this could enhance investor safeguards and trigger significant changes in the sector. Analysts, like Yuya Hasegawa from #Bitbank , suggest this shift might encourage the government to reduce the tax on crypto gains from the current high of 55% to a more manageable 20%, similar to the taxation of stocks. Additionally, it could lead to the lifting of the ban on exchange-traded funds that include tokens.
Japan's #crypto executives have long advocated for less stringent regulations to stimulate growth, especially following high-profile incidents like the #MtGox hack in 2014 and a more recent $320 million breach at DMM Bitcoin. Amid these regulatory considerations, major companies like Sony and Mitsubishi UFJ Financial Group are exploring blockchain and stablecoin initiatives.
Trading volumes on Japanese digital-asset exchanges are rebounding, reaching nearly $10 billion monthly, boosted by a market rally. However, it's uncertain if the incoming administration under Shigeru Ishiba will continue the push for web3 innovations prioritized by former Prime Minister Fumio Kishida. The review process by the FSA is expected to extend through winter, with no definite conclusions yet.
#bitcoin☀️ $BTC
#MitsubishiUFJn a major Japanese bank, is collaborating with #Bitbank , one of Japan's prominent #cryptocurrency exchanges, to create a stablecoin-powered settlements platform for crypto firms. This initiative follows the Japanese government's approval of legislation enabling banks and traditional financial institutions to deal with stablecoins. The platform is expected to launch in 2024, issuing stablecoins pegged to the Japanese yen and the US dollar. Mitsubishi UFJ is working with partners, including Ginco and Progmat, its #stablecoin affiliate. The goal is to establish a stablecoin-powered international payment system to enhance efficiency and reduce fees for token exchanges with overseas businesses. The project aims to offer 24/7, 365-day settlement capabilities, unlike traditional bank transfer-based methods. Mitsubishi UFJ intends to involve other domestic and international crypto exchanges in the project, with Cumberland DRW and #Melcoin already on board.
