Japan to Relax Cryptocurrency Listing Rules

October 21, 2022 Bitcoin.com

Japanese regulators loosen crypto laws and make it easier to list coins

October 19, 2022 Coin Telegraph

Asia

The Japan Virtual and Crypto Assets Exchange Association says it plans to make it easier for authorized exchanges to list digital currencies by loosening the screening process.

The Japan Virtual and Crypto Assets Exchange Association, the governing body that deals with crypto assets in Japan, released documents of plans to further ease crypto laws in the country.

According to a Bloomberg report, as early as December of this year, the association wants to implement a looser screening process for already authorized exchanges to list virtual coins. However, this would apply to tokens that are not new to the Japanese market.

The regulators could abolish the lengthy pre-screening process altogether, even for coins new to the market, by March 2024. This scenario could also include tokens issued through initial coin or exchange offerings, according to comments by Genki Oda, the association's vice president.

Oda said of the association's latest announcement:

“We hope the latest measure will help revitalize Japan’s crypto assets market."

These new steps from Japanese regulators come in the hopes to revamp the local crypto scene and make it easier for startups to get a foot in the door.

Just days before, the Japanese government also passed a cabinet decision to revise laws related to money laundering on Oct. 14. This means that businesses which facilitate the exchange of crypto assets must provide user information and notify the business operators.

Recently, Japan has been considering the growing crypto scene as the government revises laws and regulations. In August, officials said they will consider implementing tax reforms to prevent crypto startups from leaving.

This came shortly after Japanese crypto groups called on regulators to end taxing paper gains.

Japanese Prime Minister Fumio Kishida said the government will be making an effort to promote the use of new Web3 technologies in a speech on Oct. 3. Specifically, he mentioned the usage of nonfungible tokens (NFTs) and the metaverse.

In September of this year, the government of Japan issued NFTs as a reward for good work to local authorities.

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It’s legislation season in the EU: Law Decoded, Oct. 3–10

October 11, 2022 Coin Telegraph

Coin Telegraph

In one week, the EU institutions voted in favor of a crypto-friendly resolution and promoted MiCA to the next stage.

Last week, the European Union appeared to be rather busy with making decisions that could define the future of the crypto industry. First of all, 566 out of 705 members of the European Parliament voted in favor of a resolution originally drafted by member of the European Parliament (MEP) Lídia Pereira.

The resolution recommends authorities in the 27 member states consider a “simplified tax treatment” for crypto users involved in occasional or small transactions and have national tax administrations use blockchain technology “to facilitate efficient tax collection.” It also calls on the European Commission to assess whether converting crypto to fiat would constitute a taxable event, depending on where the transaction occurred.

Meanwhile, representatives from a committee with the European Council sent the finalized text of the Markets in Crypto-Assets (MiCA) framework to parliament for a vote. Should the parliamentary committee approve the text, the policies could go into effect starting in 2024. The committee’s next meeting is scheduled for Oct. 10. The MiCA, first introduced in September 2020, aims to create a consistent regulatory framework for cryptocurrencies among European Union member states.

Crypto payments didn’t get to be an exception from a new set of sanctions introduced by the European Union against Russia amid its military aggression in Ukraine. The new sanctions include a complete ban on cross-border crypto payments between Russians and the EU. This statement includes the prohibition of “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.” This comes shortly after Russian officials’ approval of the usage of crypto for cross-border payments.

Norway’s government proposes eliminating the tax perk for Bitcoin miners

The finance minister of Norway, Trygve Slagsvold Vedum, has suggested the government abolish a scheme that allows crypto data centers to pay a reduced rate on electricity. According to the government, the reduced rate should be phased out as the demand for electricity was rising in certain areas. “In many places, the power supply is now under pressure, which causes prices to rise. At the same time, we are seeing an increase in cryptocurrency mining in Norway. We need this power for the community,” said the minister.

Japan will invest in the Metaverse and NFTs

Fumio Kishida, the prime minister of Japan since 2021, said the government’s investment in the country’s digital transformation already included issuing nonfungible tokens (NFTs) to local authorities. He also hinted at digitizing national identity cards. In addition, the prime minister said the cabinet would “promote efforts to expand the use of Web 3.0 services that utilize the metaverse and NFTs.” According to the official, the government will be making efforts to promote Web3 services, including those dealing with NFTs and the Metaverse.

Kim Kardashian pays SEC $1.26 million

American socialite Kim Kardashian will pay $1.26 million in penalties for her involvement in the promotion of a cryptocurrency scheme called EthereumMax. The United States Securities and Exchange Commission announced the charges against Kardashian for “touting on social media a crypto asset security offered and sold by EthereumMax” without disclosing the payment received for her promotional involvement. She has agreed to settle the charges and pay $1.26 million in penalties, disgorgement and interest and is set to cooperate with further investigations by the SEC into the EthereumMax project.

Mt Gox Saga Nears End of the Road — Creditors Required to Register With Exchanges, Bitstamp Selected by Trustee

October 8, 2022 Bitcoin.com

Mt. Gox trustee sets registration deadline of Jan. 10 for repayment selection

October 7, 2022 Coin Telegraph

Business

Users of the Mt. Gox exchange may be one step closer to getting their funds back after trustee Nobuaki Kobayashi announced options for repayment.

Creditors from the defunct crypto exchange Mt. Gox have until January 2023 to register and select a repayment method as part of the plan to compensate them for their losses.

According to an Oct. 6 announcement from Mt. Gox trustee Nobuaki Kobayashi, creditors have until Jan. 10 to select a repayment method and to register payee information in an online rehabilitation claim filing system in order to be paid through bank remittance, fund transfer service provider, or a cryptocurrency exchange or custodian. Kobayashi’s update is the latest development in a rehabilitation plan that began with a 2018 petition to compensate Mt. Gox creditors for their lost funds following the exchange’s collapse in 2014.

“If you do not complete the necessary Selection and Registration, you will not be able to receive any of the Repayments below, and you will need to bring the required documents to the MTGOX Co., Ltd. head office or other place designated by the Rehabilitation Trustee and receive Repayment in Japanese yen,” said the notice. “If you are unable to receive such Repayment, the Repayment amount will be deposited with the Legal Affairs Bureau.”

Crypto exchange Bitstamp announced it will be one of firms supporting the repayment plan:

Bitstamp is pleased to announce that we are supporting the rehabilitation process for MtGox creditors.

If you’re affected by this, find out more here: https://t.co/18bLcbjpKE $BTC #bitcoin #mtgox
— Bitstamp (@Bitstamp) October 6, 2022

Kobayashi said that his office or “third parties relating to the repayment” would confirm the names of those who registered matched those entitled to compensation, in addition to verifying the identity of residents for any address provided. It’s unclear whether the repayment plan included the option for creditors to receive Bitcoin BTC or fiat, and how soon following the Jan. 10 deadline the funds will be distributed.

Mt. Gox users’ losses were estimated to be worth billions of dollars following the collapse of the crypto exchange. Roughly 99% of the creditors affected by the platform going under approved a draft rehabilitation plan in October 2021, with claimants representing roughly 83% of the total amount of voting rights voting yay.

Kobayashi announced in November 2021 that the plan was considered “final and binding” following acceptance by a Japanese court. However, the trustee noted in an Oct. 4 update that he had petitioned for certain amendments to provisions of the rehabilitation plan which would “have no adverse effect on rehabilitation creditors.”

Japanese prime minister says gov’t investment in digital transformation will include Metaverse, NFTs

October 3, 2022 Coin Telegraph

Coin Telegraph

According to Fumio Kishida, the government of Japan's investment in digital transformation included issuing NFTs to local authorities using digital solutions.

Fumio Kishida, the prime minister of Japan since 2021, has said the government will be making efforts to promote Web3 services, including those dealing with nonfungible tokens, or NFTs, and the Metaverse.

In an Oct. 3 speech before Japan’s National Diet, Kishida said the government’s investment in the country’s digital transformation already included issuing NFTs to local authorities using digital technology to solve challenges in their respective jurisdictions. He also hinted at digitizing national identity cards. In addition, the prime minister said the cabinet would “promote efforts to expand the use of Web 3.0 services that utilize the metaverse and NFTs.”

*Prime Minister Fumio Kishida addressing Japan’s National Diet on Oct. 3. Source: 日テレNEWS*

Kishida said Japan’s technological investments would extend to developing and producing semiconductors as part of a joint effort with the United States and work on reform regulations related to the technology sector. The current prime minister, who took office in October 2021, followed former Prime Minister Yoshihide Suga, who suggested he was in favor of taxing Bitcoin (BTC) transactions in Japan.

During Kishida’s time in office, crypto users in Japan have seen a number of developments in the space, from Mt. Gox moving forward on repayment procedures after years of legal delays to the reintroduction of crypto ATMs in the country. In August, two of the country’s crypto advocacy groups, the Japan Crypto-Asset Business Association and the Japan Crypto-Asset Exchange Association, called for a 20% separate tax on crypto earnings for individual investors — many currently face a crypto tax rate of up to 55%.

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Japanese banking giant Nomura launches digital ecosystem VC arm

September 21, 2022 Coin Telegraph

Banking

“Staying at the forefront of digital innovation is a key priority for Nomura,” said president and group CEO of Nomura Holdings Kentaro Okuda.

Nomura, one of the largest investment banks in Japan, has established a venture capital arm aimed at investing in companies focusing on crypto and blockchain.

In a Wednesday announcement, Nomura said the business, named Laser Digital, will “provide new value in the area of digital assets” for clients under the Switzerland-based holding company Laser Digital Holdings AG. The investment bank said it chose Switzerland based on its “robust regulatory regime for digital assets and blockchain projects” in addition to potentially recruiting talent.

“Staying at the forefront of digital innovation is a key priority for Nomura,” said president and group CEO of Nomura Holdings Kentaro Okuda.

Laser Digital’s venture capital product, Laser Venture Capital, will focus on investments including centralized finance, decentralized finance, Web3 and blockchain infrastructure. Laser Digital said it planned to announce additional products and services “over the coming months” aimed at secondary trading and investor products.

As one of the largest banks in Japan, Nomura Holdings had a reported $454.8 billion in gross assets under management as of June 2022 at the current exchange rate with a historically weak yen. Cointelegraph reported in May that Nomura planned to launch a crypto subsidiary based outside Japan’s borders aimed at investments in crypto and nonfungible tokens, with the company’s board of directors staffed by transplants from Japan until it could acquire local talent.

Japan

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