Recent Updates of Cryptocurrency from Japan

Recent Updates of Cryptocurrency from Japan

The world is hard-hit by coronavirus pandemic and the mortality rates is taking an increase worldwide. Japan was one of the first countries outside of China hit by the coronavirus and now it’s one of the last-affected among developed-nations.

The Japan’s home quarantine is affecting crypto businesses. Amid this period some headlines from Japan have came in sight that include GMO Coin unveiling Basic Attention Token (BAT) lending, Nitori using blockchain for furniture logistics, blockchain solution outfit, Ginco, receiving funds from DBJ Capital and some others.

Announcement of BAT lending by GMO Coin exchange

GMO Coin, a Japanese cryptocurrency trading service which enables trading with leverage provided by GMO Coin, a consolidated subsidiary of GMO Financial Holdings that is building and operating the financial service on the internet, released lending features for Brave Browser’s Basic Attention Token (BAT) on April 10.

With this system they enabled their customers to lend their BAT to other users and gain associated interest.

Nitori conjoins blockchain and furniture

Nitori, which is Japanese furniture and home accessories retail company and is the largest furniture and home furnishing chain in Japan, plans for a blockchain-based logistics system to be launched. The company involves this tech system to its other sectors. This impending operation removes the need for the using old school paper systems.

Garnering of funds by Ginco from Bank of Japan Group

Ginco, digital wallet builder, offering a number of blockchain-based concepts has recently secured pre-series A funding form DBJ Capital. Ginco comes into the picture as new regulations as DBJ Capital’s first funding of an entity in Blockchain.

Coronavirus prevention measure and its impact

Japan government has recently announced a new measure namely ‘’Emergency Declaration’’ over some of their regions including Tokyo, Kanagawa, Saitama, Chiba, Osaka, Hyogo and Fukuota. With their new declaration, they prevented folks from going outside which is highly impacting crypto companies indeed.

Crypto Taxes

The existing tax scheme may prevent Japanese crypto companies. So, Japan Restoration Association representative, Hayao Okita, refers much focus on further change in crypto taxation. He mentioned research that would lead into the assets being taxed in their own category.

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