Once known as a hub for crypto verse, specifically in the first decade of Bitcoin’s inception, Japan started to put regulations around the crypto sphere in 2018. Not eager to stifle innovation in the emerging sector, the country’s authorities placed tight trading laws on cryptos. The robbery of 850,000 Bitcoins worth $500 million on Japan’s Coincheck in 2018 was one of many reasons behind this move.
In recent times, state policymakers made a U-turn and have taken multiple initiatives to strengthen the country’s economic growth and to support and nurture local blockchain startups. To encourage Japanese residents to invest their savings in the country’s Web3 ventures and equities, FSA, the Financial Service Agency of Japan, announced tax cuts for crypto investors in august this year.
Lawmaker Urges Government To Introduce More Relaxed Rules
While speaking on the government’s move to…
