Central bank digital currencies have been an integral part of progressive discussions within the cryptocurrency community. CBDCs are virtual representations of the fiat currency of a particular country. They are often based on blockchain technology and are issued and regulated by the official monetary organization of the country. The feature that makes them different from cryptocurrencies like Bitcoin (BTC) and Ether (ETH) is that CBDCs are backed by the central bank’s deposits of the country’s currency and are regulated by the central bank, while cryptocurrencies are not. Cointelegraph discussed with Thomas Trépanier, director of business development for Roxe at Apifiny …

Softbank Corp, the telecommunications arm of Japanese conglomerate Softbank Group, has confirmed its membership of the Japanese Security Token Association. The company now joins other firms such as Mitsui Trust and Qunie, the consulting subsidiary of NTT Data, as members of the crypto advocacy body. The JSTA also includes crypto and blockchain member firms such as security token platform TokenSoft and Japan’s largest cryptocurrency trading service BitFlyer. The association is part of a group of advocacy and self-regulatory bodies that exist within the Japanese cryptocurrency and blockchain space. In April 2020, Japan’s Financial Services Agency certified both the Japan Security …

As the use of cryptocurrencies continues to spread around the world, a number of countries have established themselves as leaders in adoption. COVID-19 has dominated 2020, and the effects of the ongoing pandemic have stifled many economies. However, the cryptocurrency space has enjoyed a year of resurgence that has seen decentralized finance become a major trend, while Bitcoin (BTC) has finally surpassed its former all-time high of 2017. It is worth noting that governments, policymakers and financial regulators have become far more clued-in on cryptocurrencies and blockchain technology over the past two years. This has lent a hand to the …

In 2020, the Japanese crypto industry seems to have entered its maturation phase. With new crypto laws established in May, large exchanges have solidified their leading positions, while crypto startups and unregulated businesses have exited the market. However, it seems that a winner has not yet been declared. There are already more than 25 registered exchanges in the small nation with a population of over 100 million, but global crypto giants are just starting to enter the market. Some believe a significant industry reorganization is coming through buyouts of licensed exchanges. And with the current bull market expected to continue, …

New York has given the first authorization to a stablecoin backed by the Japanese yen to operate in the United States. Per a Tuesday announcement, the New York Department of Financial Services has granted Japanese firm GMO-Z.com a charter to handle U.S.-dollar and yen-backed stablecoins in New York. Given New York's status as a global center, the NYDFS is the most prominent state financial regulator in the United States — it is also one of the most aggressive. A pass to operate in New York often opens up the rest of the country. GMO's charter is as a limited liability …

It has been a blazing start to a new decade, with 13% more large, uncontrolled wildfires around the world this year compared with 2019. This has spelled dire consequences for CO2 levels, which have made worse a terrible COVID-19 pandemic that has led to unprecedented worldwide lockdowns that have rapidly pushed the economy toward digitization. Related: How has the COVID-19 pandemic affected the crypto space? Experts answer As a result of the COVID-19 pandemic, governments around the world have been forced to focus on integrating blockchain technology into their financial services. At the 75th anniversary of the United Nations General …

Japanese financial giant SBI has completed another cryptocurrency-related acquisition in a move to bring more adoption to the industry. SBI Financial Services, a subsidiary of SBI Holdings, has acquired United Kingdom-based crypto trading firm B2C2. According to an official Dec. 16 announcement, SBI has purchased a 90% stake in B2C2, making it a subsidiary. The acquisition was completed on Dec. 15, the announcement notes. With the new acquisition, both SBI and B2C2 intend to bring more trading opportunities for mainstream financial firms looking to invest in crypto. Yoshitaka Kitao, president and CEO of SBI Holdings, said that B2C2’s vision and …

On Dec. 15, Mt. Gox’s trustee Nobuaki Kobayashi filed a draft rehabilitation plan to refund Mt. Gox users. According to an official announcement posted on Mt. Gox website, the Tokyo District Court and an examiner will review the draft rehabilitation plan and determine whether to proceed with the rehabilitation proceedings as part of the draft rehabilitation plan. The move comes shortly after Kobayashi received another approval to extend the deadline for submitting a rehabilitation plan in October 2020. As reported, the Tokyo District Court extended the deadline until Dec. 15, 2020. Kobayashi previously obtained a number of similar deadline extensions …

Switzerland’s principal stock exchange, SIX Swiss Exchange, and Japanese financial giant SBI Holdings have announced a joint cryptocurrency-related venture. At the Singapore Fintech Festival on Dec. 8, the firms' digital asset-related subsidiaries, SIX Digital Exchange and SBI Digital Asset Holdings, announced that they are launching a new platform in Singapore. The venture will target regulated institutional clients, implementing technologies and market expertise from both SBI and SIX. The platform will include a wide range of services like issuing, listing, trading, CSD infrastructure and custody of digital assets and cryptocurrencies, as well as regulated digital asset securities. The platform is expected …

Digital-asset regulation has been a hot topic in 2020 and shows no signs of cooling. A recent G7 meeting concluded that the sector faces an ongoing need for regulation. In addition to talking about COVID-19 and economic issues, the group “also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities,” according to a public statement from the United States Department of the Treasury on Monday: “There is strong support across the G7 on the need to regulate digital currencies. Ministers and …

Japanese firm Layer X will be partnering with a digital identity application called xID to build a blockchain-based voting system in the Japanese city of Kaga. In a Thursday announcement from LayerX, the Tokyo-based company said it will be developing the electronic voting project in an effort to promote safe and secure elections for the city of 68,000 inhabitants. The firm stated that the cost and stability of current electronic voting systems in the region needed to be addressed. “Voting over the Internet presents more challenges, such as preventing double voting, technical hurdles to keep ballots secret, and the cost …

As Ripple reportedly prepares to relocate its headquarters outside of the United States, it turns out that only 5% of the company’s clients are based in the country, according to the firm’s CEO. On Dec. 2, Ripple CEO Brad Garlinghouse sat for an interview with CNN anchor Julia Chatterley to discuss Ripple’s regulatory hurdles in operating in the U.S. According to Garlinghouse, as much as 95% of the San Francisco-based company’s customers are located abroad. He claimed that Ripple’s services are not as popular in the U.S. due to the ongoing regulatory uncertainty around its associate token XRP, Garlinghouse said: …