Cryptocurrency 

Sumitomo and BitFlyer to Build Blockchain Real Estate Platform in Japan

Japanese commercial giant Sumitomo Corporation has partnered with a sister company of local cryptocurrency exchange bitFlyer to launch a blockchain real estate business. As Cointelegraph Japan reported on July 23, bitFlyer Blockchain will develop an umbrella platform for renting real estate, driven by smart contracts on its in-house Miyabi blockchain.  Speaking to local tech news outlet CNET Japan, Yuzo Kano, managing director of bitFlyer Blockchain, added that the aim of the project was to enable rental parties to complete the entire process from a smartphone. “It can greatly simplify the…

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Cryptocurrency 

Japan to Look Into the Impact of Facebook’s Libra Ahead of G7

Japanese authorities are investigating the impact of Facebook’s Libra stablecoin, The New York Times reported on July 12. Per the report, Japanese authorities have set up a working group tasked with investigating the impact of Facebook’s stablecoin on monetary policy and financial stability. The working group will reportedly consist of the Bank of Japan, the Ministry of Finance and the Financial Services Agency and already started meeting this week. The outlet claims that the objective of the newly formed group is to coordinate policies that would address the consequences of…

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Ethereum 

Japan Data Initiative Brings Blockchain Security to 100 Major Businesses

A data-sharing initiative involving one hundred of Japan’s biggest companies will use blockchain for its security, English-language news outlet Nikkei Asian Review reported on June 17. The project, which will commence in spring 2020, aims for participants to share production data in order to enhance overall efficiency. Its controller is the Industrial Value Chain Initiative, an industry organization formed four years ago by manufacturers interested in the Internet of Things (IoT). Among prospective participants are DMG Mori, Mitsubishi Electric and Yaskawa Electric. “Blockchain […] is expected to lower the risk…

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Cryptocurrency 

Japan Hopes to Set Global Crypto Law Benchmark With Latest Regulatory Update

On May 31, the Japanese House of Representatives amended two cryptocurrency-related laws, the Payment Services Act and the Financial Instruments and Exchange Act, which will come into effect in April 2020. Most Japanese crypto exchanges have welcomed the changes, since they expect more institutional investors to join the crypto industry. However, others voiced their concerns that the changes may bring some uncertainty to custodians and wallet service providers. The two documents outline several specific changes, which can be discussed separately. The Payment Services Act (PSA) Virtual currency to crypto assets…

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Bitcoin 

Japan Officially Approves Bill to Amend National Legislation Governing Crypto Regulation

The Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation, Cointelegraph Japan reported on May 31. The bill — which had been prepared by Japan’s Financial Services Agency (FSA) and accepted by the House in mid-March of this year — has been passed by a majority in the House of Councilors plenary session, according to an update today on the FSA’s website. The bill seeks to introduce amendments to two national laws that apply to crypto assets — the Act on…

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Cryptocurrency 

Yahoo-Backed Exchange Enters Japan Market Amid Renewed Interest in Crypto

Japanese cryptocurrency exchange Taotao is expected to go live at noon on May 30, as per the company’s official Twitter page. Notably, the new trading platform is heavily backed by Yahoo Japan, marking the local internet giant’s arrival into the field of crypto. The timing seems to be on point, now that the market has finally shaken off the bear. But how likely is Taotao to dethrone its competitors — both current and those to come — in a complex market such as Japan? What is Taotao, and how exactly…

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Cryptocurrency 

Japan Struggles to Regulate Online Gambling

Despite Japan’s reputation for being one of the most welcoming nations for fintech, online crypto gambling has struggled to take off in light of the country’s strict regulation. In late March, the blockchain-based, decentralized application (DApp) platform Tron announced that it would block gambling DApps in Japan, bringing the issue of regulating crypto gambling back to public attention. Cointelegraph takes a look at the legal and cultural approaches to gambling in Japan, along with how developers believe attempts to halt crypto gambling can only last so long. Tron complies with…

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