Jan 18, 2023 05:05

Coinbase Stops Operations in Japan Due to Market Volatility

<p>Coinbase Global Inc, one of the biggest and publicly-listed (<a href="https://www.financemagnates.com/tag/coinbase/" target="_blank" rel="follow">NASDAQ:COIN</a>) cryptocurrency exchanges, announced on Wednesday it is halting its operations in Japan due to the severe market slump and heightened volatility observed during previous months.</p><p>Harsh Conditions Force Coinbase to Make Tough Decisions</p><p>According to Coinbase's blog post, all customers from Japan must withdraw their crypto and fiat holdings before 16 February 2023. Any <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" class="terms__main-term" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed" target="_blank">cryptocurrencies</a> that remain in accounts after that date will be converted to Japanese yen and sent to the Guaranty Account at the Legal Affairs Bureau under local regulations. Users will then have to apply for recovery of their funds at the Bureau.</p><p>"Due to market conditions, our company has made the difficult decision to halt operations in Japan and to conduct a complete review of our business in the country. However, we are committed to making this transition as smooth as possible for our valued customers," Coinbase wrote in a blog post published on Wednesday.</p><p>The exchange assures that it has segregated its customers' assets in cryptocurrencies and Japanese yen and that everyone can withdraw them without any major delays. Coinbase recommends funds be transferred to another exchange, Coinbase Wallet or a self-custody wallet. The platform will stop accepting deposits as of 20 January 2023.</p><p>In response to the news, Coinbase's shares on the Nasdaq exchange fell by 2.75% to $52.65 per share in pre-market trading hours. However, these are still at the highest levels in more than a month.</p><p>Watch this recent FMLS22 executive interview with Lory Kehoe, the Director of EMEA Business Development at Coinbase.</p><p>Coinbase Cuts Jobs</p><p>Last week media outlets informed that Coinbase was going to close most of its operations in the Japanese market, following a plan for global job cuts. Earlier this year, the <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__secondary-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a> announced its plan to cut its workforce by 20%, or 950 people, as part of a second round of layoffs.</p><p>"We've decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity," Nana Murugesan, a Coinbase executive, said during an interview last week.</p><p>The current suspension of operations in Japan seems to confirm her words. Although Coinbase has not made it clear that it intends to leave the country entirely, only to conduct a comprehensive review of its business, analysts have speculated about its plans to move out. </p><p>Coinbase's job cuts and suspension of operations in Japan come at a time when rival exchange <a href="https://www.financemagnates.com/cryptocurrency/binance-hires-when-coinbase-cuts-employment-amidst-crypto-winter/" target="_blank" rel="follow">Binance is announcing a renewed hiring spree</a> and deciding to return to the Japanese market as local regulations for cryptocurrency companies loosen.</p><p>Crypto Exchanges Feel the Digital Assets Blues</p><p>However, Coinbase's recent decisions do not seem to be isolated. In November, another major cryptocurrency exchange <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">Kraken announced</a> that it would lay off up to 30% of its employees. Earlier this year, <a href="https://www.financemagnates.com/cryptocurrency/crypto-downzing-continues-as-huobi-plans-to-prune-workforce-by-20/" target="_blank" rel="follow">Huobi made a similar announcement</a>, looking to reduce its workforce by 20%.</p><p>Furthermore, last week, Crypto.com announced a potential headcount reduction, willing to cut its workforce by 20%. The "significant damage" to the industry after the collapse of the FTX crypto exchange explains the decision. </p> This article was written by Damian Chmiel at www.financemagnates.com.

Dec 29, 2022 11:10

Japan Considers Lifting Restrictions on Foreign Stablecoins After Ban

The FSA is seeking public feedback on the draft regulation that will allow Japanese exchanges to enable stablecoin trading.

The post Japan Considers Lifting Restrictions on Foreign Stablecoins After Ban appeared first on BitPinas.

Dec 16, 2022 08:20

Japan set to ease 30% crypto tax on paper profits for token issuers

As it stands, Japanese crypto issuers are required to pay a set 30% corporate tax rate on their holdings, even if they haven’t realized a profit through a sale.

Dec 09, 2022 05:05

Japan Extends FTX Suspension to March 2023, Orders Retention of Assets

<p class="MsoNormal text-align-justify">Japan’s Kanto Local Finance Bureau has extended the suspension of FTX Japan, the local subsidiary of the beleaguered cryptocurrency exchange, FTX, to March 9, 2023, the Japanese Financial Services Agency <a href="https://lfb.mof.go.jp/kantou/kinyuu/pagekthp0270000022.html" rel="nofollow">announced</a> on Friday.</p><p class="MsoNormal">Finance Magnates reported last month that the local Asian regulator <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-freeze-ftxcom-assets-japan-halts-local-operation/">ordered the suspension of operations</a> of the local subsidiary until December 9 (today). This followed <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">the sudden collapse</a> of the Bahamas-headquartered cryptocurrency exchange over the alleged mishandling of customer funds.</p><p class="MsoNormal">However, the domestic watchdog noted that it could reverse the suspension if a system to properly conduct the overall operations of the subsidiary’s digital asset exchange business is developed and subjected to its confirmation.</p><p class="MsoNormal">Possible Withdrawal Resumption</p><p class="MsoNormal">Meanwhile, the Kanto Local Finance Bureau in November tasked FTX Japan with submitting a business improvement plan by November 16. In the new administrative action, the regulator noted that the order remains in place.</p><p class="MsoNormal">Furthermore, the regulator said it was working towards resuming withdrawal services on FTX Japan but cannot give a specific date when the service could be reopened. The market supervisor added that it will continue to suspend new transactions for users.</p><p class="MsoNormal">Check out this Finance Magnates London Summit 2022 session on what will shape fintech regulation in 2023</p><p class="MsoNormal">“At the same time, it is necessary to take all possible measures to ensure that the Company’s [FTX Japan Co. Limited) assets do not flow out to overseas affiliates, etc. and that the interests of users are not harmed,” the financial markets supervisor further explained.</p><p class="MsoNormal">Meanwhile, in early November, the FTX Group <a href="https://www.financemagnates.com/cryptocurrency/troubled-ftx-files-for-bankruptcy-as-ceo-bankman-fried-resigns/">filed for bankruptcy protection</a> in the United States and included FTX.com, the exchange's US subsidiary, FTX.US, Hong Kong-based subsidiary Alameda Research Limited, and “approximately 130 additional affiliated companies.” FTX Japan is one of these affiliates. </p><p class="MsoNormal">Furthermore, FTX is undergoing civil and criminal investigations <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-will-not-share-information-on-ftx-probe-attorney-general/">in the Bahamas</a> and is reportedly undergoing a similar action in the United States. The assets of the embattled cryptocurrency exchange have been ceased by <a href="https://www.financemagnates.com/cryptocurrency/the-bahamas-regulator-justifies-move-to-cease-local-ftx-clients-assets/">the Securities Commission of the Bahamas</a>. In addition, regulators in <a href="https://www.financemagnates.com/cryptocurrency/asic-suspends-ftxs-afs-license/">Australia</a> and <a href="https://www.financemagnates.com/cryptocurrency/ftxs-cysec-license-suspension-likely-to-start-wider-regulatory-audits/">Cyprus</a> have suspended the local licenses of the once-beloved crypto exchange.</p> This article was written by Solomon Oladipupo at www.financemagnates.com.

Jun 09, 2022 12:45

Japan Could Abandon Token Screening Rules, Report Says

The Japan Virtual and Crypto Assets Exchange Association (JVCEA) is in talks to decide whether to jettison its current cryptocurrency token screening procedures, Bloomberg reports. 

 

JVCEA currently requires local cryptocurrency exchanges that want to list new tokens to undergo a screening process. 

 

However, this could change soon, private sources told the outlet.

 

According to the sources, JVCEA could begin to focus instead on policing cryptocurrencies and tokens after they are listed. 

 

However, this new approach will not apply to initial coin offerings, the sources further told the outlet.

 

The self-regulatory body is looking to make a definite decision with regards to the change before the end of 2022, the anonymous sources also said.

 

However, a source within Japan's Financial Service Agency told the outlet that it was not clear whether the financial industry watchdog will approve JVCEA’s recommendations.

 

The new development comes after Japanese Prime Minister Fumio Kishida’s administration expressed dissatisfaction with the current system of listing digital assets in the country. 

 

Kishida last month criticized JVCEA for taking too long in its pre-screening procedures. 

 

The news also comes on the heels of Japan’s recent passage into law a bill that defines stablecoins as digital money and sought to entrench investor protection. 

 

Crypto Regulation in Japan  

In March, Japan announced that it was introducing a green list of cryptocurrencies that could be listed in a-go on exchange.

The goal was to simplify the process of listing new cryptocurrencies on exchanges in the country.

 

Also, Huobi, one of Japan’s most popular cryptocurrency exchanges and part of the Huobi Group, last month disclosed that Japanese will be able to start trading Bitcoin Satoshi's Vision (BSV) this month. 

 

With the move, BSV, the native cryptocurrency of Bitcoin Satoshi's Vision (BSV) will become the 15th cryptocurrency on Huobi Japan.

 

In 2021, Japan’s Financial Services Agency (FSA) established a new unit to oversee digital currency regulatory frameworks.

 

Citing three anonymous officials, Reuters had reported at the time that the move followed the country’s concern over the influence of private money on the existing financial system.

 

Japan has always been a progressive country when it comes to crypto adoption and regulation.

 

Some of the earliest cryptocurrency exchanges were established in the East Asian country and have led the market in Bitcoin trading for many years.

 

However, crypto regulations in the country underwent a major overhaul in 2019 after a massive attack on the country’s leading crypto exchange, Coincheck, which resulted in the theft of more than $500 million worth of digital currencies.

This article was written by Solomon Oladipupo at www.financemagnates.com.

Jun 07, 2022 08:25

New Japanese law may allow seizure of stolen crypto

Under the current variation of the law, there is no explicit procedure outlined for law enforcement officers to seize illegally obtained crypto from crime organizations.

Jun 04, 2022 12:30

Japan Passes Bill That Defines Stablecoins as Digital Money

. East Asian country Japan on Friday passed into law a bill that defines stablecoins as digital money, Bloomberg reports. . The new law, which is expected to take effect in a year, follows last mon...

Mar 30, 2022 12:25

Japan to Tighten Crypto Rules for Preventing Sanctions Evasion

The Japanese government is planning to make stricter rulings on cryptocurrency exchanges, as the country announced plans to amend its Foreign Exchange and Foreign Trade Act.

Dec 09, 2021 07:35

When Do You Have To Pay Taxes On Crypto? All You Need To Know

Find out when do you have to pay taxes on crypto gains. Discover how do taxes on crypto vary from country to country? Crypto taxes in the USA, China, India, etc.

The post When Do You Have To Pay Taxes On Crypto? All You Need To Know first appeared on StealthEX.

Oct 28, 2021 04:45

Crypto exchange Liquid attains Japanese derivatives license

The exchange filed the application to Japan’s financial regulatory body in Q2 of 2020.

Apr 13, 2023 10:30

ETHGlobal Hackathon Kicks Off in Tokyo With First Ever Pragma Summit

As previously announced by ETHGlobal, the first-ever Pragma summit kicked off the wider ETHGlobal Tokyo hackathon on Thursday as a “hub for high-quality talks and as a forum of discussion for builders and leaders from the Ethereum ecosystem and beyond.” The event, emceed by Kartik Talwar of ETHGlobal, featured on-stage interviews with Aya Miyaguchi of [...]

The post ETHGlobal Hackathon Kicks Off in Tokyo With First Ever Pragma Summit appeared first on Crypto Breaking News.

Dec 12, 2024 12:00

Pop culture backer Slash Labs brings crypto credit card to Japan

Japan's first crypto credit card will appear in 2025 from a Japanese issuer and the company that owns Chiitan Star, the first Mascot Meme coin.

Nov 19, 2024 12:00

Japans DMM Crypto shuts down Seamoon Protocol amid challenges

Just a few months ago, it was thinking about issuing a stablecoin. Now, it's unsustainable. 

Oct 05, 2024 12:05

Aptos (APT) Jumps 11% Following Acquisition Of Japanese Blockchain Developer HashPallette

Aptos (APT) soared over 10% in the last 24 hours following Aptos Labs acquisition of HashPallete. The token is leading the market after becoming the largest gainer among the top 100 cryptocurrencies by market capitalization. Related Reading: Bonk In Prime Position For Turbo Green Week As Price Recovers Key Level Aptos To Expand Its Presence In Asia On Thursday, Aptos Labs, the developer of the Aptos network, announced it had agreed to acquire the Japanese Blockchain developer HashPallete, the company behind Japans Palette Chain and a subsidiary of HashPort Inc. The agreement aims to become a game changer for Japan and the Aptos ecosystem as the integration with the Japanese blockchain is set to strengthen its presence in the Asian market: Japan has long been a hub of technological innovation, and its no different when it comes to blockchain. The countrys unique blend of advanced tech and widespread blockchain adoption makes it a model for Web3 initiatives globally. Today, were making one of our boldest strategic moves into this market with our agreement to acquire HashPalette Inc. As part of the acquisition, HashPort Inc. will migrate the Pallete Chain and its subsidiarys applications to the Aptos Network. The Japanese chain will also have access to the Aptos ecosystems security, scalability, and developer tools. The migration is expected to be completed by early 2025, in time for the EXPO2025 DIGITAL WALLET. Moreover, Aptos Labs partnered with HashPort to support local developers, NFT creators, and enterprises by continuing to build blockchain solutions () using Aptos Networks infrastructure. APT Leads The Crypto Market Following the announcement, APTs price saw a daily 11% surge, jumping to the $8.66 resistance level before retracing to the $8.51 mark. This performance crowned the token as the leading crypto amid the market retrace. APT is among the few cryptocurrencies recording green numbers in most timeframes among the top 100 tokens by market cap. The altcoin registers a 7.5% and a 41% increase in the weekly and monthly timeframes. Additionally, its daily market volume soared 41.7%, reaching a $769.6 million trading volume in the last 24 hours. The tokens performance was highlighted by several crypto analysts, who considered that APT has the most interesting chart at the moment. According to Yuriy from BikoTrading, the cryptocurrency looks strong as the rising trading volume and the price performance signs for continued growth. The trader noted that APTs price held above the key resistance zone amid the market retrace, which sent the token above Q3s range highs. Similarly, crypto trader Osbrah stated that APT has been secretly climbing its way to the most interesting alts charts. He pointed out that, after October 1s market sweep, the token had a clean bullish retest above the $8 mark. To the trader, the next big resistance is at the $9 mark, which could send APTs price to the $7.95 support zone if it fails to reclaim it. Meanwhile, another market watcher suggested that the altcoins performance could be close to a breakout. Related Reading: Analysts Unfazed By Bitcoin (BTC) Drop, But Should We Fear October 5? Per the post, SUI and APT moved in a catch-up trade path for the past year, moving closely together until SUI decoupled in early 2024. This led to a 44-day lagging period for APT before it followed SUIs movements. After that, APT rose 98% to its yearly high of $18.8 in mid-March. Now, APT has seen a 32-day lagging period after SUI decoupled again in September, showing incredible amounts of strength. Based on this, the analyst suggests that the cryptocurrency could follow SUIs trajectory and kickstart a massive rally in the next two weeks if history repeats. Featured Image from Unsplash.com, Chart from TradingView.com