Japan’s crypto sector urges changes in margin trading rules
As the title suggests, the landscape of digital finance in Japan might be shifting, with industry stakeholders calling for changes to the nation’s margin trading rules. The epicenter of these cries for change is the Japan Virtual and Crypto Assets Exchange Association (JVCEA). JVCEA is a self-governing entity within the crypto industry, and its members […]
There is a global race to regulate AI innovations
The race is on. A worldwide pursuit to reign in the boundless frontiers of artificial intelligence (AI) is underway, reflecting our global society’s struggle to grapple with the implications of rapidly progressing technology. Emerging AI tools like ChatGPT, backed by tech behemoth Microsoft, are finding themselves under scrutiny from national and international governing bodies. This […]
Japan’s ANA builds an NFT marketplace and envisions metaverse possibilities
All Nippon Airways (ANA), Japan’s largest airline group holding company, has established a non-fungible token (NFT) marketplace on the Ethereum blockchain, where users can buy and sell aviation photos, digital collectibles, and more. At its debut, the market will accept crypto and fiat currency payments through the MetaMask wallet and credit card. ANA Launches NFT […]
XDC secures Japanese foothold through SBI partnership
Under the banner of innovation and expansion, XDC Network, the enterprise hybrid blockchain solution previously known as XinFin, is paving the way for increased influence in Japan’s bustling financial markets. This ambitious objective has been realized through its strategic partnership with SBI VC Trade, a reputable cryptocurrency exchange subsidiary of the Tokyo-based financial behemoth, SBI […]
Japan launches digital yen pilot – Details
On the cutting edge of global digital transformation, Japan is progressing with its initiative to embrace digital currency. The Bank of Japan (BOJ) has completed the second phase of its central bank digital currency (CBDC) proof-of-concept (POC) experiment and transitioned into the pilot phase in April as planned. The experimental process, spanning a year from […]
Japan strengthens stance on crypto regulation with new anti-money laundering measures
In an era of rapidly evolving digital currencies, Japan is tightening its regulatory grip to maintain pace. According to local news media Kyodo News, the nation is considering adopting new stringent anti-money laundering (AML) rules on cryptocurrency transactions to enhance traceability and deter financial crimes. However, this is part of a broader push for global […]
North Korean hackers drain Japan of $721 million in cryptocurency: Report
As cybercrime continues to threaten global security, a new wave of cyberattacks linked to North Korea has been stealing headlines, with Japan being one of the hardest hit. According to a study conducted by the U.K.-based blockchain analytics firm Elliptic, the rogue state’s hacking groups have been implicated in the theft of a staggering $721 […]
G-7 commits to stricter guidelines for digital assets, signals global cooperation
In a resounding declaration, the Group of Seven (G-7) intergovernmental political forum has unveiled its unwavering resolve to embrace and enforce the soon-to-be-unveiled standards by the Financial Stability Board (FSB) to govern crypto assets. G-7 has also wholeheartedly embraced the visionary counsel the International Monetary Fund (IMF) put forth regarding the revolutionary landscape of central […]
Majority of the people in Japan are scared of AI chatbots
A recent Kyodo News poll reveals that a significant majority of the Japanese public is concerned about the widespread use of AI chatbots, with 69.4% advocating for tighter regulations on artificial intelligence development. As emerging technologies like ChatGPT raise fears over unauthorized personal data collection, the call for international standards to prevent misuse has grown […]
Japan defies global trend with fresh support for OpenAI
Despite a recent ban on the use of OpenAI’s ChatGPT chatbot in Italy and concerns about data protection, Japan has shown its support for the artificial intelligence (AI) company. The Japanese government has stated that it would consider incorporating AI technology into government systems, including OpenAI’s ChatGPT, as long as privacy and cybersecurity issues are […]
U.S. grows increasingly agitated over North Korea’s cyber crimes
As tensions rise on the Korean Peninsula, the U.S., South Korea, and Japan have expressed deep concern over North Korea’s “malicious” cyber activities that support its weapons programs. Cryptocurrency funds stolen by North Korean hackers have been a key source for financing the sanctions-stricken country’s weapons programs, officials and experts in the United States and […]
Japan’s Prime Minister Kishida approves Web3 whitepaper to boost the country’s crypto industry
Japan’s ruling Liberal Democratic Party’s Web3 project team has approved a whitepaper laying out recommendations for growing the country’s cryptocurrency industry, which has become part of the national strategy under Prime Minister Fumio Kishida’s administration. However, the move is aimed at creating a friendlier environment for crypto and preventing firms from leaving for other jurisdictions […]
Bank of Russia to roll out CBDC Pilot in April 2023
Russia will see a digitally memorable April Fools Day. On April 1, 2023, the Bank of Russia will launch the first consumer pilot for the nation’s central bank digital currency (CBDC). During a fintech conference in Russia, Skorobogatova informed reporters that the project would be introduced for peer-to-peer transactions between people and retail purchases. The […]
Japan’s digital yen is about to be launched: Here’s what you need to know
After months of conducting experiments on Central Bank Digital Currency (CBDC), the Bank of Japan has announced that it will be launching a pilot program for the digital yen in April 2023. This move is in line with “The Bank of Japan’s Approach to Central Bank Digital Currency,” released in October 2020, and will involve […]
Toyota sponsors a global Web3 hackathon amid blockchain advancement
Toyota Motor Corporation, the largest conglomerate in Japan, will support the world’s first worldwide Web3 hackathon. Astar Network, the major parachain at Polkadot, has been contracted to develop Web3 use cases for Toyota’s workforce. According to the company’s official press release, the automaker seeks to better its operations by embracing the Web3 environment. Toyota anticipates […]
Japan’s new stablecoin regulation will take effect in June
In Japan, the Financial Services Agency (FSA) is set to lift the ban on the domestic distribution of foreign-issued stablecoins in 2023. This will be part of a proposed cabinet order and cabinet office ordinances amending the Payment Services Act for 2022. The changes are expected to take effect by early June. The new regulations […]
Japan’s FSA set to lift the ban on foreign stablecoins in 2023
Stablecoins have been a contentious topic for the better part of 2022. However, Japan has taken a stand that could change the tide of this narrative. Japanese regulators are reviewing certain significant restrictions on the usage of stablecoins such as Tether USDT and USD Coin USDC for crypto investors with residence in Japan. Japan to […]
FTX Japan plans to resume withdrawals by year-end
FTX Japan, the Japanese subsidiary of Sam Bankman-Fried cryptocurrency exchange, is aiming to reopen withdrawals for local customers, according to the company’s executive interviewed by Japan’s NHK. FTX’s Japanese subsidiary aims to reopen withdrawals by year-end According to reports, the Japanese exchange was ordered by the local financial regulator, the Financial Services Agency (FSA), on […]
Japan greenlights stringent AML rules for crypto. Will they help with the Lazarus Group?
Japan has a field day with the crypto space in the preceding twenty-four hours. Lazarus, a North Korean hacking group, has been identified by Japan’s national police as the group responsible for years of crypto-related cyber-attacks. According to a joint statement issued by the local police and the Financial Services Agency of Japan, the hacker […]
NFT Marketplace LINENFT is Unveiled by LINE Corporation.
TL;DR Breakdown LINE Corporation announces its NFT Marketplace LINENFT. The platform is operational in Japan only. This is also another crypto investment by the messaging enterprise. Japanese messaging company, LINE Corporation announced the launching of its Non-Fungible Tokens (NFT) Marketplace via a Twitter post yesterday. The NFT platform named “LINENFT” will run on the LINE […]
Japanese Tax authorities update crypto regulations for staking and lending but not NFTs
TL;DR Breakdown Japan’s National Tax Agency(NTA) has announced updating its crypto FAQs to include staking and lending. The Agency did not include airdrops and NFTs, signifying that it does not consider them viable for taxation. Japan’s NTA updated the crypto FAQs on DEC.22,2021, to include staking and lending. This body controls the crypto regulations in […]
Financial services provider SBI group rolls out a crypto fund in Japan
TL;DR Breakdown SBI Group, a financial services firm in Tokyo, announced the launch of a crypto program that involves seven assets. The fund will feature BTC, ETH, XRP, LTC, BCH, LINK, and DOT. SBI Group, a financial services provider in Japan, has launched a crypto fund that will feature seven different coins. The company said […]
Japan’s #1 social media giant LINE breaks into NFT market
TL;DR Breakdown LINE has been expanding its integration of blockchain services since last year, and is now entering the NFT industry. LINE, a Japan-based messaging company, is pushing its way into the Non-Fungible Token era. New reports note that during its ongoing virtual conference, the LINE TAIWAN TECHPULSE 2022, the company announced that it would […]
Konami’s raises over $160K through Castlevania anniversary NFT sale
TL;DR Breakdown Konami, a Japanese game and software developing company, has raised over $160K through the sale of its first-ever NFTs. The NFTs are tied to Castlevania, one of their most successful products, but they have received backlash regarding the assets. Konami, a Japanese game developing organization, has made over $160K through the sale of […]
Japan proposes additional regulations on stablecoins
TL;DR Breakdown Japan’s top banking regulator wants new legislation linked to stablecoins. The proposal aims to limit the issuance of stablecoins to safeguard consumers from asset-backed stablecoins Japan’s Financial Services Agency (FSA) plans to strengthen supervision of stablecoins by putting severe requirements on their issuers. This is according to a publication by Nikkei Asia. The […]
More regulatory woes hit Binance exchange in Europe
TL;DR Breakdown Binance halts bank transfer for euro Binance and continuous crackdown it faces Binance exchange has been forced to face more horrors in Europe after its recent debacle with authorities in the United Kingdom. Most recently, the largest and number one crypto exchange (Binance exchange), owing to regulatory constraints in Europe, has been forced […]
XRP tech to be used by two Japanese organizations to power remittances
TL;DR Breakdown Ripple or XRP tech has been found beneficial by Japanese firms for powering remittances. SBI Remit, along with Hamamatsu Iwata Credit Bank, will be using the Ripple network. It has been announced that this service will be initiated on July 12th this year. SBI Remit is a subdivision of one of the biggest […]
Japan’s central bank commences Proof-of-Concept for CBDC
TL;DR Breakdown The central bank of Japan has started Phase 1 of its CBDC experiment. It’s expected to last until March 2022, and we enable the bank to experiment with the core functions of a CBDC. The central bank of Japan announced Monday it has commenced a Proof-of-Concept (PoC) for a digital currency. This will […]
BOJ governor says they need to “prepare thoroughly” for a CBDC
TL;DR Breakdown The BOJ governor says the central bank has to thoroughly prepare for a CBDC for when the need to issue one arises. The bank will begin experimenting with its digital currency later this year. Since the COVID-19 outbreak, the world has been gradually considering digital alternatives, like cryptocurrencies, for settlements and payments. To […]
30 Japanese arrested over NEM token stolen from Coincheck in 2018
TL;DR Breakdown: Thirty people from Japan have been charged for exchanging NEM tokens allegedly stolen from Coincheck. The suspect used a dark web platform to swap the cryptos before cashing out to their accounts. The Japanese authorities have arrested a group of persons who were caught exchanging NEM tokens, which were allegedly stolen from the […]
Mitsubishi to optimize energy trading on blockchain
TL;DR Breakdown: Mitsubishi is developing an energy trading system with Tokyo. The platform will use blockchain technology to facilitate transactions. Mitsubishi Electric, one of the core subsidiaries of Mitsubishi, announced on Monday the development of a new blockchain-based system geared towards energy trading. The blockchain system was developed in partnership with one of Japan’s largest […]
Japan will have to consider ETH smart contracts if lockdown measures in place
TL:DR Breakdown ETH smart contracts are the best for remote work. A lockdown for Japan may occur. Japan is in its third Covid-19 wave. 555 people have covid-19 severe symptoms. Japan may consider ETH smart contracts if lockdown measures in place Japan’s third covid-19 wave may force the country into lockdown and to adopt ETH […]
Monex Group CEO says Japan’s CBDC can boost crypto trading
TL:DR Breakdown The chairman at Monex Group opined today that a CBDC could help to boost the country’s digital economy. He added CBDC would propel more crypto trading, as it will become a great medium for fiat conversion. Oki Matsumoto, the CEO and Chairman of Japanese financial services company Monex Group is the latest to […]
A group of Japanese companies plans to issue a digital Yen
A group of Japanese companies is planning to experiment with the issuance of a digital currency by next. This comes as the central bank also plans to experiment with a CBDC. A group of Japanese companies – about 30 firms from different sectors – are reportedly mulling the need for issuing a common digital currency. […]
SBI to test XRP in the foreign exchange market
SBI, Japanese financial King, announces it is going to try XRP in the foreign exchange market. The trial round will work with cryptocurrency to ensure transactions worldwide, financial news outlet Nikkei confirmed. The plan is to work out how fast XRP can prevent price changes when currencies are traded for another and if there are […]
Coinbase Japan is hiring vigorously
Coinbase Japan hiring vigorously around US election time. Japan is also planning a CBDC very soon. Coinbase Japan is entering the market after a long wait. After a long wait, the United States-based cryptocurrency exchange Coinbase is gearing up to enter the Japanese market after they had shared the desire to enter the market in […]
Ripple has decided to move to Japan
Ripple announced its plan to move to Japan. The announcement came from SBI Holdings Yoshitaka Kitao, at their financial results briefing that took place yesterday. MoneyTap, the company’s app, is what inspired the transition as the company plan along with 38 Japanse banks to invest in it. Ripple has decided to move to Japan Ripple […]
Kraken exchange resumes Bitcoin spot trading for Japanese traders
Kraken exchange is returning to the Japanese market after two years. The exchange has relaunched trading support for five cryptos, including Bitcoin. Leading digital currency exchange, Kraken announced on Thursday that it had relaunched trading support for Japanese cryptocurrency traders. The exchange previously halted its services for Japanese, citing the high cost of operating in […]
Japan’s CBDC sets for trial as BOJ expects high demand
BOJ plans to test the basic functions necessary for a CBDC by next year The central bank said there will be high demand for the digital currency, following the increasing rate of digital payments. Most countries like Japan, which has already initiated plans to develop a potential national digital currency, are stepping up efforts as […]
Japan should hasten to Digital Yen, expert
Tetsuya Inoue, a former official of the Bank of Japan, explains that the country must hasten towards Digital Yen. Inoue, currently a researcher at the Nomura research department, expresses that the country is not in any haste to digitize its currency, but Japan should be concerned about the adaption to central bank digital currency (CBDC). […]
