Japan
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.