Japan Eases Crypto Laws Regarding Token Listing on Exchanges

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Exchange News Prime Minister Fumio Kishida’s economic plan includes the development of the Web3 market. Japanese cryptocurrency exchanges must now register with the government.

Despite the gloomy crypto market environment and the collapse of FTX, the Japanese government has agreed to simplify cryptocurrency exchange listings in the country. Japan is relaxing its tough crypto laws even as the ripple effects of FTX’s downfall are still being felt in the industry and beyond.

Prime Minister Fumio Kishida’s economic plan includes the development of the Web3 market. Next year he will likely change corporate taxes to help business owners in this area.

Regulatory filings reviewed by Bloomberg indicate that the new regulations were communicated to members of the cryptocurrency exchange on December 28. regulation, which came into effect immediately.

Increased focus on regulation

Japan’s cryptocurrency regulatory structure is among the most advanced in the world. Bitcoins and other virtual assets are recognized as legal property under the Payment Services Act (PSA). Japanese cryptocurrency exchanges must now register with the government and follow the usual Anti-Money Laundering and Anti-Terrorist Financing (AML/CFT) requirements as a result of this law.

The National Tax Agency made the decision to classify crypto profits as “miscellaneous income” in 2017. In this case, buyers are entitled to a refund.

Even though crypto exchanges are legal in Japan, the country is now placing more emphasis on crypto regulation after a series of high-profile thefts, including the Coincheck theft, which resulted in the theft of US$530 million in digital currency. .

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