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Japan Monthly Report (July)

Hi everyone! I am Aki, the community manager of Japan, and I am back again with another monthly update. Let’s take a look at this monthly news report from Japan!  

Crypto News

We have seen a lot of cryptocurrency-related news in July, but we would like to pick up on some remarkable news this month:

1. Exchanges Ask Regulator to Make Cryptocurrency Tax Reforms

<source: cryptonews>

The self-governing Japan Virtual Currency Exchange Association (JVCEA) has asked the country’s top financial regulator to change the way cryptocurrency-related earnings are taxed as follows: 

  • Citizens who must pay tax on their cryptocurrency holdings should be granted a three-year grace period to obtain necessary documentation/registration information (before fines become applicable).
  • Cryptocurrency derivative transactions should be taxed separately, and the transfer of losses should be allowed.
  • Small-scale cryptocurrency transactions should not be subject to taxation.
  • Cryptocurrency issuance from initial coin offerings (ICOs) should be recognized as a capital transaction rather than taxable income.
  • Special tax laws and tax breaks should be introduced for certain investment deals involving cryptocurrency projects.

Source: cryptonews – https://cryptonews.com/news/japanese-exchanges-ask-regulator-to-make-cryptocurrency-tax-4294.htm

2. BitPoint cryptocurrency exchange hacked for $32 million

<source: pixabay>

Another cryptocurrency exchange in Japan has been hit by a major theft.

BITPoint Japan Co. lost about 3.5 billion Yen ($32.3 million) in virtual currencies after its online holdings were illegally accessed.

The exchange’s operator, Remixpoint Inc., which provides a range of financial services, announced the theft on July 12. Officials at the exchange detected a suspicious flow of Bitcoin, Bitcoin Cash, Ethereum, Litecoin and Ripple at about 10:10 p.m. on July 11.
Source: The Asashi Shinbun – http://www.asahi.com/ajw/articles/AJ201907120046.html

On 16 July, Genki Oda, center back, president of BITPoint Japan Co., held a news conference in Tokyo’s Chiyoda Ward on July 16, where the firm said it will reimburse about 50,000 customers who lost bitcoin assets.
Source: The Asahi Shinbun – http://www.asahi.com/ajw/articles/AJ201907170046.html

On 24 July, Remixpoint Inc. announced that a special loss of 3.67 billion Yen is expected to be recorded as a result of the virtual currency fraudulent outflow.
Source: crypto watch – https://crypto.watch.impress.co.jp/docs/news/1198034.html

3. Rakuten wallet announced “we will try to launch as early as possible”

Rakuten Wallet, formerly known as Everybody’s Bitcoin, which is owned by Rakuten Inc. has earlier this year completed the registration process as a cryptocurrency exchange in Japan. The start of their operation, however, has been postponed due to technical issues plaguing the use of My Page and account opening. 

Rakuten Wallet announced without any specification on the date of the launch. The single comment the company made was that it is working on improving their services before their official commencement and that it will try to launch these as soon as possible. 

Source: FINANCEFEEDS  – https://financefeeds.com/rakuten-wallet-yet-commence-operations-tech-issues-persist/

Event report

There were various Blockchain seminars and cryptocurrency group meetups and hackathons in July. As school summer holidays have started, more events for kids and their parents were held. Here, we would like to introduce two big meetups sponsored by major crypto-media.

  1. 06/07/2019 – OSAKA BLOCKCHAIN GAME SHOW2019  (Osaka)

The main content of this event jointly hosted by Cryptocurrency Media in China, Korea, and Japan was the “Blockchain Game”.

Blockchain games also referred to as “Dapps (Distributed Application) Games”, are a new form of a game using Blockchain and cryptocurrencies (tokens).
Simply speaking, this event was organized for beginners to get to know blockchain and cryptocurrencies in a fun way!  

BBOD Media Partner, TOKEN ECONOMIST attended this event and posted the following report so that you can see more details!    (https://www.token-economist.com/2019/07/15/osaka-blockchain-game-show-2019/)


2. 09/07/2019【CoinPost × TheNodist × CryptoTimes】 Blockchain Media Forefront (In Tokyo)

This was the fourth event hosted by “techain”. (*techain is an organization that researches application of blockchains to existing businesses under the theme of “Why Blockchain?”.) Famous blockchain media outlets in Japan – CoinPost, TheNodist and Crypto Times gathered and each representative made a speech, which was followed by a panel discussion. Their theme was “Blockchain Media Frontline”

The organizer, techain, reported this event on their website: https://gb.wantedly.com/companies/techtec/post_articles/177372 , where you can find more details! 

  <source: techian>

BBOD local news

Last July, we started Ameba blog – BBOD blog, which means this month was the 1st anniversary month! We posted a blog for a little celebration. We would like to say “Thank you so much for following our blog!” And we will promise to continue to post intriguing articles for everyone, even people who are not so interested in blockchain and cryptocurrency. Your feedback is more than welcome!  

Thank you for your time reading this monthly report from Japan! 

You can get the latest news and updates almost every day via our Social Media – Twitter, Telegram, Ameba blog and Hatena blog! Stay tuned! 

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