Japan, one of the leading markets for cryptocurrencies, has seen a series of important developments for the cryptocurrency and blockchain industries this week. The country’s financial regulator, the Financial Services Agency (FSA), has licensed crypto-related businesses. Japanese Deputy Prime Minister and Finance Minister Taro Aso noted that regulators need to find new approaches to address emerging technologies like cryptocurrencies and blockchain.
LVC Corporation, the digital asset- and blockchain-focused arm of Japanese messaging giant LINE, has obtained a crypto exchange operating license from Japan’s financial regulator.
The news was reported by Cointelegraph Japan on Sept 6.
Trading for 5 major cryptocurrencies
As previously reported, LVC Corp.’s trading platform, to be dubbed BITMAX,
Japan is a friendly jurisdiction for cryptocurrency trading and development, having eliminated the consumption tax on Bitcoin (BTC) trading in 2017, after which it recognized the coin as legal tender. This week in Japan, a crypto exchange that was hacked earlier this year has closed its doors, while the central bank has come out as bullish on blockchain technology.
Cryptocurrency exchange bitFlyer and technology services company Tpoint Japan announced a new partnership that allows local customers to exchange loyalty program points for Bitcoin (BTC) and earn rewards for paying in crypto. The official press release states:
“As part of our mission of ‘Making the world simpler with blockchain’, we will continue to contribute to the further development of a sound virtual currency industry.
Society is now witnessing the implementation of digital currencies, artificial intelligence (AI) and blockchain technology worldwide. These new digital technologies necessitate very high consumption of electric energy, which is currently produced with coal and fossil fuels that have adverse environmental effects. A global shift toward green energy will require the removal of the technological/infrastructural,
Japanese authorities are investigating the impact of Facebook’s Libra stablecoin, Cointelegraph Japan reported on July 12.
Per the report, Japanese authorities have set up a liaison conference tasked with investigating the impact of Facebook’s stablecoin on monetary policy and financial stability. The conference will reportedly consist of the Bank of Japan, the Ministry of Finance and the Financial Services Agency and has already started meeting this week.
Japan’s second most senior banking figure has said central banks cannot use digital currencies to enforce negative interest rates, Reuters reported on July 5.
Speaking at an event held by the publication, Masayoshi Amamiya, deputy governor of the Bank of Japan, said that states issuing digital currency with a negative interest rate would force inhabitants towards cash.
The Japanese transportation industry is leading the country’s long-standing efforts to go cashless. Earlier this month, two major players from the archipelago’s e-commerce and transport industries partnered up to simplify and promote payments that do not require hard cash.
Homegrown e-commerce giant Rakuten plans to incorporate its services into Japan’s premier railway firm,
Japanese cryptocurrency exchange Taotao is expected to go live at noon on May 30, as per the company’s official Twitter page.
Notably, the new trading platform is heavily backed by Yahoo Japan, marking the local internet giant’s arrival into the field of crypto. The timing seems to be on point, now that the market has finally shaken off the bear.
Japan’s Financial Services Agency (FSA) is reportedly cracking down on crypto exchanges that offer anonymous transactions or have weak identity verification practices in preparation for inspection by the Financial Action Task Force (FATF) this fall. Nikkei Asian Review reported the development on May 22.
The FATF will reportedly send its investigatory arm to review the strength of the Japanese FSA’s anti-money laundering (AML) policies,
Kazuhiro Tokita, representative director, board member and president at Japanese cryptocurrency exchange DeCurret, unveiled a new cryptocurrency payment system during a business presentation in Tokyo on March 27. Cointelegraph Japan reported on the presentation the same day.
The new system would enable the Suica payment card issued by the East Japan Railway Company (JR East),
On Jan. 17, Singapore-based cryptocurrency exchange Huobi, one of the largest players on the market, relaunched as a fully licensed platform in Japan after merging with the BitTrade exchange.
Branching out to Japan, where compliance is valued and many regulatory measures are imposed for crypto players by domestic regulators, is a complex process.
Cryptocurrency exchange Huobi — currently the world’s 7th largest by daily traded volume — has relaunched as a fully licensed platform in Japan after merging with BitTrade. The news was announced in a press release published Jan. 17.
As reported, Huobi Global’s wholly owned subsidiary, Huobi Japan Holding Ltd, acquired a majority stake in BitTrade last September.
Tech Bureau, the company that formerly operated hacked Japanese cryptocurrency exchange Zaif, has completed its handover to buyer Fisco Cryptocurrency Exchange (FCCE), Cointelegraph Japan reported Nov. 22.
FCCE, which agreed to take over proceedings in October, will now assume responsibility for compensating users who lost money in the hack, which occurred Sept.
Japanese messaging app provider LINE Corporation announced that its newly-developed LINK (LN) token is now tradeable on its native BITBOX cryptocurrency exchange in a press release Tuesday, October 16.
LINE, which launched BITBOX in July, will offer trading against three cryptocurrency assets – Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) – out of a total of thirty currently available on the exchange.
Japan’s Financial Services Agency (FSA) has issued a third business improvement order to the owner of hacked crypto exchange Zaif, Tech Bureau. The news was reported by Cointelegraph Japan today, September 25.
As previously reported, as a result of a security breach on the Zaif exchange September 14, hackers succeeded in stealing 6.7 billion yen ($59.7 million) worth of crypto assets belonging to both users and to the exchange itself.
Japan’s Financial Services Agency (FSA) plans to bolster its workforce by 12 personnel to better handle the growing influx of applications for crypto exchange licenses, Reuters Japan reported September 12.
At a crypto exchange study group meeting Wednesday, the FSA’s vice commissioner for policy coordination, Kiyotaka Sasaki, said that the agency is currently conducting its oversight of crypto exchanges with a team of around 30 people,
Japan’s financial watchdog, the Financial Services Agency (FSA), has published the results of its on-site inspections of cryptocurrency exchange operators, Cointelegraph Japan reports August 10.
Based on its findings, the watchdog has decided to apply more rigorous oversight into new applications from exchanges hoping to receive an official operating license. Newly registered exchanges will be required to undergo on-site inspections at an early stage and the agency plans to closely examine the effectiveness of their business models.
Japan’s Labor Ministry is not hiding its confusion as the Tokyo Metropolitan Government and venture companies requested a deregulation of the Labor Standard Act. Japan has respected the “salaries in cash” principle for 70 years under the Labor Standard Act, however with the proliferation of digital money and salaries paid in cryptocurrencies,
Japanese electronics giant Sony has filed two patents for boosting blockchain-based ecosystems, according to filings 20180218027 and 20180219686 published by the U.S. Patent and Trademarks Office (USPTO) Aug. 2.
Through the patents, Sony intends to improve the design and structure of blockchain hardware by introducing new circuitries to the processes of distributed ledger technology.
Japanese financial services giant SBI Holdings will expand its crypto business portfolio by acquiring a 12 percent stake in Clear Markets, according to SBI’s financial results report published July 31. SBI is scheduled to acquire up to 20 percent in the future.
Clear Markets is a U.S.-based electronic trading platform developer and operator that offers over-the-counter derivatives electronic trading services in the U.S.,
The Japan Virtual Currency Exchange Association (JVCEA) will obligate its member exchanges to place limits on the trading activity of some clients, Cointelegraph Japan reports today, July 28.
The self-regulatory body has reportedly established a policy of to require its member crypto exchanges to place maximum limits on the volumes traded by the exchanges’ customers.
Tokyo-headquartered tech conglomerate Hitachi and telecoms giant KDDI are trialing a retail coupon settlement system that combines blockchain with biometrics, Cointelegraph Japan reports today, July 26.
This week, staff from the two firms are participating in an experimental demonstration at a KDDI store in Tokyo’s Shinjuku district, as well as a local donut shop.
The Japan Virtual Currency Exchange Association (JVCEA) said it wants to place restrictions on member exchanges’ margin trading. The news of the plans of Japan’s self-regulatory cryptocurrency body comes from a Chinese media report July 24.
Margin trading is the practice of borrowing money from the broker, used by crypto traders to buy or sell more cryptocurrency than they could afford on their own –
Despite gaining legitimacy in the eyes of many more individuals across the world, cryptocurrencies are still a contested topic within regulatory circles, especially with the regulatory bodies of developed countries.
FSB: Crypto Assets Don’t Pose A Risk To Global Financial Stability
The Financial Stability Board (FSB) recently released a report highlighting cryptocurrencies or “crypto-assets” as the board likes to call them.