Japan Ministry of Economy launches Web3 policy office
The new body will bring together the financial regulators and creative industries to formulate the policies in the Metaverse. In an important landmark for the buzzword, The Ministry of Economy, Trade and Industry (METI) of Japan opens its own Web3 Policy Office in the Minister’s Secretariat. The new entity commits to bringing together the departments responsible for industrial finance, taxation, corporate system and those that deal with media and content, sports, fashion and the other entertainment industries. The July 15 announcement specifies the mission of the new office would be to....
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Leading cryptocurrency exchange Binance has announced the launch of its own payments processing company, Bitfinity. Bitfinity will act as the default fiat-to-crypto payments ramp for the exchange, as well as for other blockchains. With this launch, Binance also targets the expanding Web3 economy, partnering with Paysafe and Checkout.com.
Bitfinity Launches to Help Merchants Accept Crypto
Binance, one of the largest exchanges by volume traded, recently announced the launch of Bitfinity, its own payments technology company. Bitfinity will become the de facto fiat-to-crypto payments....
Japan is taking the Mt. Gox collapse seriously and is already looking into measures to address the digital currency conundrum - one of which is to levy taxes on bitcoin transactions. According to the Yomiuri Shimbun newspaper, Japan's ministry of finance and the national tax agency are studying "possible rules" that could govern digital currency transactions. It appears that Japanese authorities think purchases made with digital currencies could be subject to existing consumption and corporate taxes. Even though bitcoin is not recognized as an official currency according to the law, it can....
Through a new collaboration with Astar Japan Labs, the city of Fukuoka aims to become the Web3 hub of the country, akin to Silicon Valley. In Japan, the city of Fukuoka is looking toward the future of Web3 in its latest partnership with Astar Japan Labs, the company behind Japan’s leading blockchain, the Astar network.Fukuoka is the country’s second-largest port city and has officially been designated as a National Special Strategic Zone. Now it also plans to become the country’s hub for all things Web3 and crypto.The Astar Japan Labs partnership will allow both entities to work together....
Having overtaken the US, Japan has become the world’s second Bitcoin market, after China. Will the Empire of the Sun move ahead of all to completely embrace digital assets? Japan has recently overtaken the United States to become the world's second largest Bitcoin market. This development may come as a surprise to many considering the decline that the Japanese economy has had over the last two decades. But will the Empire of the Sun move ahead of all to completely embrace digital assets? A Galapagos environment. Japan is an unusual case even among developed nations. The insular nature of....
Japan’s finance ministry has reportedly leveraged 80 tons of gold to help fund part of its huge stimulus package aimed at combating the coronavirus crisis. The Asian country, which is saddled with public debt twice the size of its economy, is under pressure to find non-tax revenues to cover the rising cost of spending to deal with the health crisis. The Covid-19-induced recession has seen Japan’s tax revenues drop, leaving a significant hole in its budget. According to a report, before this “rare arrangement,” Japan’s finance ministry would normally....