The former CEO of long-defunct Japanese cryptocurrency exchange Mt. Gox denied press claims he is returning to blockchain in comments to Cointelegraph on June 7. Mark Karpeles, whom a judge acquitted of embezzlement in March and is currently appealing a lesser conviction of data manipulation, says his activities with Tristan Technologies will not involve the cryptocurrency sector. As Cointelegraph reported, local Japanese media had interpreted remarks at a press conference on June 5 as meaning he was preparing to conduct blockchain-related activities. The Frenchman wished to make Japan a leader in the technology worldwide, the report from the Associated Press …

LINE Pay Corporation, the operator of fintech services on major Japanese messaging app LINE, is partnering with American payment services firm Visa on new blockchain and digital payments solutions. The news was revealed in a press release shared with Cointelegraph on June 6. As of Q4 2018, there were an estimated 1.66 billion Visa debit cards and 781 million credit cards in circulation worldwide. According to today’s press release, LINE counts 187 million global users monthly, with an estimated 50 million users registered its mobile payment service, Line Pay. The two firms’ strategic partnership will reportedly herald cooperation on a …

On May 31, the Japanese House of Representatives amended two cryptocurrency-related laws, the Payment Services Act and the Financial Instruments and Exchange Act, which will come into effect in April 2020. Most Japanese crypto exchanges have welcomed the changes, since they expect more institutional investors to join the crypto industry. However, others voiced their concerns that the changes may bring some uncertainty to custodians and wallet service providers. The two documents outline several specific changes, which can be discussed separately. The Payment Services Act (PSA) Virtual currency to crypto assets The new law revises the term “Virtual Currency” and says …

Japan-based entities have failed to report their crypto gains valued at 10 billion yen ($93 million) over the past several years by March 2019, local national newspaper Asahi Shimbun reports on June 5. According to Asahi, about 30 crypto-related businesses and 50 individuals have not declared their revenues from cryptocurrency trading as of March, allegedly due to a high tax on this type of income. To date, Japanese tax regulators reportedly consider crypto-related revenues as miscellaneous income, which is taxed at 55%. In accordance with the current law, local entities who earn more than 200,000 yen ($1,850) in such income …

Mark Karpeles — the former CEO of the now-defunct bitcoin (BTC) exchange Mt. Gox — has revealed he will serve as the chief technology officer of a new Japan-registered blockchain technology firm. The news was reported by Japanese daily newspaper The Mainchi on June 5. Speaking at the Foreign Correspondents' Club of Japan earlier today, Karpeles reportedly declared his intention to make the country a global leader in blockchain technology by undertaking his new role as CTO of the new Tokyo-based firm, Tristan Technologies Co. Tristan Technologies reportedly plans to design a new, secure blockchain-powered operating system that would be …

Japanese e-commerce giant Rakuten has partnered with Japan’s biggest railway firm, the East Japan Railway Company (JR East), to promote cashless payments. The news was reported by Cointelegraph Japan on June 5. The partnership will enable commuters to charge and use their rechargeable smart fare card — JR East’s “Suica” — via the Rakuten Pay mobile app. As Cointelegraph Japan notes, the integrated service will bring cashless transport payments via the mobile app to commuters at 5,000 train stations and approximately 50,000 buses, in addition to around 600,000 stores across Japan. According to an official press release published today, the …

The United States is the top source of traffic to cryptocurrency exchanges globally, Cointelegraph Japan reported on June 1. The research was released by crypto news outlet The Block on May 31. The study shows that 24.5% of the total traffic directed to crypto exchanges originates in the U.S. Japan came in second, with 10% of the total traffic, while South Korea got about 6.5% and Indonesia about 4.5%. Still, as The Block points out, some countries — for instance China — block access to cryptocurrency exchanges and users from those places usually access them through Virtual Private Networks (VPNs). …

G20’s international watchdog, the Switzerland-based Financial Stability Board (FSB), said in its latest report that regulators need to improve their risk assessment strategies regarding financial activity in the crypto space, according to a report by Reuters on May 31. The report noted that one potential risk assessment metric regulators could look at is banks’ and other financial entities’ degree of exposure to cryptocurrency. The report also added that the FSB does not currently believe that crypto poses “a material stability risk” to the financial sector. As per the report, existing crypto regulations are somewhat weak, and the fast rate of …

SBI Ripple Asia — a subsidiary of Japanese financial services giant SBI Holdings — is launching a store settlement service affiliated with SBI Holdings and Ripple’s jointly developed consumer-focused XRP-powered payments app MoneyTap. The news was reported by Cointelegraph Japan on May 30. As previously reported, MoneyTap — which launched in the fall of last year — implements Ripple’s blockchain solution xCurrent to enable near-instant domestic bank-to-bank remittance services. The new store settlement service reportedly intends to pave the way for the roll out of full-scale in-store payment services using MoneyTap by the end of the year. Its first trial …

The Japanese House of Representatives has officially approved a new bill to amend national laws that govern crypto regulation, Cointelegraph Japan reported on May 31. The bill — which had been prepared by Japan’s Financial Services Agency (FSA) and accepted by the House in mid-March of this year — has been passed by a majority in the House of Councilors plenary session, according to an update today on the FSA’s website. The bill seeks to introduce amendments to two national laws that apply to crypto assets — the Act on Settlement of Funds and the Financial Instruments and Exchange Act. …

The Japanese Financial Services Agency (FSA) showed a cautious approach towards cryptocurrency-based exchange-traded funds (ETFs) in comments at the finance committee of the upper house of the National Diet on May 30. Cointelegraph Japan reported on the comments earlier today. Per the report, local politician Takeshi Fujimaki noted during the meeting that he expects a crypto-based ETF to be approved in the United States, citing both positive and negative statements released by United States Securities and Exchange Commission commissioner Hester Peirce. He then noted that such a product would be an important development and that Japan should not be left …

Japanese cryptocurrency exchange Taotao is expected to go live at noon on May 30, as per the company’s official Twitter page. Notably, the new trading platform is heavily backed by Yahoo Japan, marking the local internet giant’s arrival into the field of crypto. The timing seems to be on point, now that the market has finally shaken off the bear. But how likely is Taotao to dethrone its competitors — both current and those to come — in a complex market such as Japan? What is Taotao, and how exactly is Yahoo involved? The Yahoo Japan-backed platform was first mentioned …