Tag Archives: japan

Japan’s Financial Services Agency (FSA) issued a warning letter to four leading cryptocurrency platforms (Bitget, Bybit, MEXC Global, and BitForex) for failing to receive proper registration. The watchdog alerted in 2021 that Bybit had started offering services without obtaining the necessary licenses. The FSA’s Latest Warning The Japanese regulator maintained in a recent letter that the four companies violated the nation’s fund settlement laws by “conducting crypto asset...

Polkadot’s leading parachain and innovative hub, Astar Network, has partnered with Tokyo’s special ward Shibuya to support the city’s Web3 initiative. According to a press release sent to CryptoPotato, the partnership will see Astar and Shibuya team up to foster the development of Tokyo’s Web3 strategy. Astar Network Partners Shibuya City As per the release, the alliance is the first between a Japanese blockchain firm and one of Tokyo’s biggest and most densely populated...

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Yuzo Kano – Co-Founder of Japan’s leading cryptocurrency platform BitFlyer – reportedly seeks to spearhead the firm as a CEO again after stepping down in 2019.  He also wants to terminate the tension between the current management team and shareholders and steer the entity to an initial public offering (IPO). A Possible Comeback After Four Years As reported by Bloomberg, the 47-year-old Japanese entrepreneur wants to serve as the CEO of BitFlyer once again to establish it as...

The Japanese arm of bankrupt crypto exchange FTX announced that it would resume the withdrawal function for customers. This comes less than a month to when the order for the platform to suspend its business takes effect. According to a press release on Monday (Feb. 20, 2023), FTX Japan stated that customers will be able to withdraw their assets from Feb. 21, 2023. The platform said fiat and crypto asset withdrawals will be processed through the Japanese crypto exchange...

The central bank of Japan will reportedly start testing the employment of a digital yen in April this year.  The institution has previously said they could take Sweden as a model for how to launch a CBDC. Catching up With China As reported by CNBC, the testing phase includes processing simulated transactions with private financial companies. Shinichi Uchida – Executive Director at the Bank of Japan – said consumers and retailers will be excluded from the experiment. “Our hope...

Popular digital currency exchange Kraken has announced it is closing its Japan branch this month and laying off all its employees in the Land of the Rising Sun. Kraken Is Stepping Away from Japan The Japanese division of Kraken is called Payward Asia. In a recent blog post, the company mentioned that it’s going to be ceasing all its crypto trading services as of January 31, 2023. This will mark the second time Kraken has left the Japanese market, the first taking place...

Mamoru Yanase – Deputy Director-General of Japan’s Financial Services Agency (FSA) – urged global watchdogs to impose tougher regulations on the cryptocurrency industry. He believes digital asset exchanges should be treated the same way as banks. It’s All Because of FTX According to Yanase, one way to prevent another collapse of a cryptocurrency platform is if regulators treat such entities as traditional financial institutions. The Japanese referred to the demise of FTX,...

FTX Japan, the Japanese division of the bankrupt crypto exchange, plans to re-enable customers’ withdrawals in mid-February next year after suspending the service last month due to the bankruptcy filing of its parent company. FTX Japan earlier pledged to build a new system different from the one used by its parent company to enable customers to access their funds on the platform. FTX Japan Collaborates With Liquid to Repay Customers  According to a recent update, the exchange...

The Japanese government greenlighted a bill to exempt local cryptocurrency issuers from paying corporate tax on their holdings. The ruling body currently requires such firms to pay 30% on their ownings even if they haven’t gained profits through a sale. Japan’s ruling political party – The Liberal Democratic Party – aims to ease corporate tax legislation for domestic crypto issuers and thus stimulate such entities to operate in their homeland. Akihisa Shiozaki – an LDP...