JAPAN
Japan Concerned About AI Chatbots
A new survey in Japan reveals that 69.4% of the population wants stricter regulation in the development of AI chatbots. This comes as Japanese officials consider integrating AI into their systems.
Binance set to reenter Japanese crypto market
Binance is set to reenter the Japanese crypto market after acquiring the regulated crypto exchange platform, Sakura Exchange Bitcoin (SEBC). The SEBC platform will terminate its current crypto exchange and brokerage services by May 31, 2023, and reopen as Binance Japan in June. Binance had to fold its Japan operations in 2018 after regulatory warnings, but has since mended relations with regulators and reentered other markets through acquisitions.
Asia Crucial to Web3 Gaming Industry
A report by DappRadar highlighted the importance of Asia in the Web3 gaming industry, due to the region's majority share of gamers and gaming revenue, as well as its high interest in blockchain technology. While China prohibits gaming companies from integrating blockchain technology, Japan and South Korea are leading the way in adopting blockchain technology in gaming.
Japan supports OpenAI amid concerns
Japan expressed interest in incorporating OpenAI’s technology into government systems, provided privacy and cybersecurity concerns are addressed. OpenAI CEO, Sam Altman, visited Japan and met with government officials to discuss the potential of the technology and how to maximize its benefits while minimizing risks. Meanwhile, OpenAI is being investigated by Canada’s privacy commissioner for allegedly collecting and utilizing personal information without consent.
Japan's Web3 Project Team Releases White Paper to Boost Crypto Industry
Japan's Web3 Project Team, a part of the country's ruling Liberal Democratic Party, has released a white paper with recommendations for expanding the country's cryptocurrency industry. The paper suggests modifications to tax regulations, establishing accounting standards, and creating a DAO law, among other proposals.
Japan's FSA Warns Binance and Others for Operating Without Registration
Japan's Financial Services Agency (FSA) has warned several foreign cryptocurrency exchanges, including Binance, of conducting business in the country without proper registration, violating the nation's fund settlement laws. The FSA has been cracking down on unregistered crypto exchanges since 2020, and this warning signifies that the cryptocurrency industry in Japan and other nations is facing greater regulatory scrutiny.
FTX Japan Users Withdraw Funds Amidst Legal Battle
FTX Japan users have begun withdrawing all their funds after the slowdown in fund withdrawals due to Binance liquidating its FTX Token (FTT) holdings. While FTX Japan resumed withdrawals on Feb. 21, the legal battle with Sam Bankman-Fried (SBF) continues.
Japan's Tech Companies Collaborate to Build Open Metaverse Infrastructure
Several tech companies in Japan have signed an agreement to create the Japan Metaverse Economic Zone and an open metaverse infrastructure called Ryugukoku. The infrastructure will serve as a new social infrastructure for enterprise digital transformation and enable interoperability across different platforms.
FTX Japan users withdraw funds amid litigation
Due to the large number of FTX-SBF victims, payment is projected to take time.
FTX Japan Loses Thousands of Users After Resuming Withdrawals
Over 7,026 FTX Japan members have transferred $50 million in crypto and cash to Liquid.
FTX Japan Plans to Resume User Withdrawals in February
On Feb. 17, FTX Japan notified impacted customers to verify their account balances to make withdrawals.
Japan to Launch Central Bank Digital Currency Pilot in April 2023
Private enterprises will test "digital yen" and CBDC ecosystem modeling in the trial.
The top Mt. Gox creditor chose to have an early payout in BTC
Mt. Gox creditors may be paid more, but it may take nine years to finalize the bankruptcy procedure.
Prime Minister of Japan Fumio Kishida Comes Out in Support
On Feb. 1, Prime Minister Fumio Kishida addressed the House Budget Committee on DAOs, NFTs, and Web3.
Japan to Adopt New Stablecoin Regulations
Japan's Financial Services Agency (FSA) is trying to legalise stablecoin distribution. New 2023 legislation enable stablecoins like Tether (USDT) and USD Coin (USDC).