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Japan’s government has decided to make listings by cryptocurrency exchange easier in the country despite the gloomy crypto market situation and the implosion of FTX.
Even as the effects of FTX’s implosion continue to be felt throughout the cryptosphere and beyond, Japan is loosening strenuous crypto regulations.
The government of Prime Minister Fumio Kishida has included expanding the Web3 market in its economic strategy. He is probably going to reform corporation taxes next year to aid entrepreneurs in this sector. .
According to documents seen by Bloomberg, the body that regulates cryptocurrency exchanges informed member companies on 28 December, Wednesday of the new rule. The rule takes effect immediately and allows them to list coins without going through a time-consuming pre-screening unless the tokens are completely new to the Japanese market.
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Regulations in Japan
Japan has one of the most sophisticated regulatory frameworks for cryptocurrencies. The Payment Services Act recognises Bitcoin and other virtual assets as legitimate property (PSA). As a result of this legislation, cryptocurrency exchanges in Japan are required to register and adhere to standard Anti Money Laundering/Combating the Financing of Terrorism (AML/CFT) obligations. In 2017, the National Tax Agency decided that cryptocurrency earnings should be treated as “miscellaneous income.” The buyers should be reimbursed accordingly.
Regulations for Cryptocurrency Exchanges
Japan permits exchanges, but after a string of high-profile hacks, including the 530 USD million digital currency crime known as the Coin check heist, crypto regulations have taken on national importance. The Japanese Financial Services Agency (FSA) has stepped up enforcement of trading and exchanges.
Regulations for cryptocurrency exchanges are evolving in Japan. In keeping with Japan’s progressive stance, only businesses with a highly qualified Financial Bureau are allowed to operate as cryptocurrency exchanges. This is under the PSA. International cryptocurrency exchanges are allowed to operate if they can demonstrate an equivalent registration standard in their host country.
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