Japan

China wants to go global over its quest for cryptocurrency predominance as it has proposed a digital currency that would be based on a basket of currencies including the Chinese yuan, Japanese yen, South Korean won and Hong Kong dollar. The proposed pan-Asian digital currency is planned by the private-sector to rival Facebook’s Libra and challenge the USD’s supremacy. A report by the Nikkei Asian Review on June 14 noted that the proposed digital currency is backed by China. The plan to create an…

According to Japan’s Finance Minister Taro Aso, he is not willing to demand the reduction of tax rate on cryptocurrencies in the country to 20 percent due to the difficulty of numerous households investing in digital assets. On June 2, the minister attended a meeting of the House of Councillors Committee on Financial Affairs, and answered a question by Japan Restoration Association member. According to Aso, about 900 trillion yen (8.4 billion USD) of the 1900 trillion yen (17.6 billion USD) financial…

Currently, things are not so good in Asia’s cryptocurrency space. This is such that BitMEX Japan stopped operating in recent times due to the newly amended cryptocurrency regulations in the Japan Payment Services Act. Likewise, the termination of Bitberry (in South Korea) was because of blockchain industry uncertainties. Singapore's authority brought cryptocurrency under AML rules in February, thereby leading the cryptocurrency payment provider CoinPip to close down. Recently, Min Kim of ICON Foundation (based in South Korea) featured in a podcast. He discussed cryptocurrency…

The emergence of COVID-19 pandemic has disrupted the activities planned for this year, such that there have been postponements worldwide including the Olympic Games which was suppose to hold in Tokyo. The postponement of the Olympic Games has prompted various online scams related to cryptocurrency. This includes emails from alleged members of the International Olympic Committee in which scammers solicit donations from unwary victims. According to a report by Trend Micro on April 30, scammers are soliciting for cryptocurrency donations towards Japanese organizers’…

People have been considering Asia as the world’s cryptocurrency hub for a long time now. There has been remarkable growth in the cryptocurrency domain in nations such as Japan, Singapore, South Korea, and China. China is in the last stages of creating a central bank digital currency (CBDC), thereby proving that the continent has placed itself ahead of others regarding digital assets. Recently in a podcast, Adam Traidman, the joint founder of one of the pioneering Bitcoin wallets on the app store (BRD) spoke about China’s digital Yuan and…

The promotion of the cryptocurrency to be utilized as a payment means for Japan’s huge public transportation system in being championed by the exchange DeCurret. However, the exchange has just restructured its capital. On Apr. 10, the exchange released a press release announcing the issuing of new shares valued at 2.75 billion yen (about $25 million) in a third-party shares allocation. The firm is planning to utilize the capital towards the enhancement of transaction services for existing virtual currencies and expanding digital…

The Tokyo-based LIFULL has teamed up with Securitize, a compliance platform for token issuers, to address Japanese real estate problems.  The collaboration employs a blockchain-powered solution that tackles the large number of vacant homes in the Japanese countryside. LIFULL and Securitize Collab Presents Great Promise Thanks to the partnership, the two companies have successfully developed a new real estate digital security issuance system in Japan. The piloting stages of this new system have given great promise. The blockchain and digital…

Reuters reports that Japanese lawmakers have lobbied their government to push for the inclusion of discussions on digital currencies at the G7. They have asked the government to convince the United States (the leader of the summit) to amend the meeting's agenda to include the topic. Akira Amari, Japan's Minister for Economic Revitalisation, averred that it was crucial to draw the United States' backing for the topic. Mr Amari maintains that the two nations need to join efforts in making…

According to reports, Bitcoin and Crypto exchanges in Japan will soon experience limitations on margin trading. The Japan Times pointed out that there are plans to restrict margin leverage to two times the aggregate of the trader’s deposits. The news outlet cited the country’s Financial Services Agency (FSA) as the source. FSA sources noted that the move was a measure against volatile times in the crypto market. It comes after the domestic exchange industry imposed a limit of four times…