“Japanese tax regulation is crazy and wrong,” Genki Oda, president of crypto exchange BITPoint, told CoinDesk. If the authorities were to make the tax law on crypto equivalent to that of stocks, he estimated that JPY 10 trillion to JPY 20 trillion ($88 billion to $175 billion) would return to Japan’s crypto markets. Source link … [Read more...] about Japan’s Taxes on Crypto Firms Are Leading Some to Leave the Country
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Japan’s Crypto Exchanges Grapple With Travel Rule as Deadline Looms
Chino said it was too sensitive to disclose specific details of discussions between JCBA members. He did reveal that among questions raised was who would be subject to the travel rule. Though the travel rule would be applied to inter-VASP transactions, he said it was not clear whether hosted wallets or cross-border transactions would also be subject to the rule. Source link … [Read more...] about Japan’s Crypto Exchanges Grapple With Travel Rule as Deadline Looms
Japan’s financial regulators may propose legislation in 2022 restricting stablecoin issuance
According to The Nihon Keizai Shimbun (Nikkei), one of the world's largest financial newspapers and the entity behind the Nikkei 225 stock index, Japan's Financial Services Agency, or FSA, will propose legislation next year restricting stablecoin issuance to only bank and wire transfer companies. Theoretically, this would prevent entities such as Tether (USDT), which does not … [Read more...] about Japan’s financial regulators may propose legislation in 2022 restricting stablecoin issuance