Japan’s new regulations allowing investors to trade using stablecoins like Tether (USDT) are expected to be adopted no later than in June 2023, according to a local financial authority. The Financial Services Agency (FSA) of Japan is working on lifting the ban on the domestic distribution of stablecoins, planning to allow certain stablecoins later this year. “This does not mean that all foreign products of so-called ‘stablecoins’ will be allowed without any restriction,” a spokesperson for Japan's FSA said in a statement to Cointelegraph. FSA will only allow stablecoins that successfully pass individual checks ensuring that such cryptocurrencies are safe …

Bitcoin (BTC) faced a potentially volatile day on Jan. 18 as multiple macro triggers began to unsettle the outlook. BoJ refuses to hike Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding firm above $21,000 on the day. The pair remained cool amid news from Japan, where the central bank, the Bank of Japan (BoJ) had decided to keep ultra-easy policy in place, defying expectations of an interest rate hike. In so doing, both the yen and U.S. dollar took a hit, the latest chapter in a saga being keenly watched by crypto commentators. "In keeping its key rate …

Despite Bitcoin (BTC) returning to pre-FTX collapse price levels, the contagion still affects the industry, forcing Coinbase cryptocurrency exchange to close operations in Japan. Coinbase officially announced on Jan. 18 that the firm will be terminating operations in Japan and conduct a complete review of its business in the country due to market conditions. All Coinbase Japan customers will have about a month to withdraw their fiat and crypto holdings from the platform by Feb. 16. After Feb. 17, the remaining crypto assets held by Coinbase Japan customers will be automatically converted to the Japanese yen (JPY). Fiat currency deposits …

Financial regulators in Japan have urged global regulators to treat crypto the same way as they do banking, calling for tougher rules for the sector. According to the deputy director-general of the Financial Services Agency’s Strategy Development and Management Bureau, Mamoru Yanase, crypto needs to be controlled. “If you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions,” he said according to a Jan. 17 Bloomberg report. The comments from Japan’s financial watchdog come in the wake of the collapse of FTX in November, which rattled the industry and sparked urgency …

Crypto exchange Coinbase will be closing down most of its operations in Japan as part of its efforts to survive in the bear market. The move is part of the company’s restructuring plan and follows the recent layoff announcement that it was reducing its employees by 20%. In an interview with BNN Bloomberg, Coinbase executive Nana Murugesan said that most of the operations in Japan will be closed. “We’ve decided to wind down the majority of our operations in Japan, which led to eliminating most of the roles in our Japan entity,” said Murugesan. While the executive did not dive …

Bankrupt crypto exchange FTX's plans to sell its digital currency futures and clearinghouse LedgerX, among other businesses, were challenged by the U.S. Trustee on Jan. 7, according to Reuters. As per the filing, U.S. Trustee Andrew Vara called for an independent investigation before any sale, claiming that valuable information related to the exchange's bankruptcy could be compromised. The document states: "The sale of potentially valuable causes of action against the Debtors' directors, officers and employees, or any other person or entity, should not be permitted until there has been a full and independent investigation into all persons and entities that …

A group of FTX customers has filed a limited objection to FTX’s plan to sell four independently-operated subsidiaries, arguing that they should be privy to the sales process to ensure customer interests are represented. It has also shared concerns that "misappropriated customer funds” may have been used to acquire, or keep these firms running. The limited objection was filed on Dec. 4 by an ad hoc committee of non-U.S. customers, which comprises 18 members who collectively have claims against FTX in excess of $1.9 billion. In its filing, the committee argued that previous public statements by FTX, the Securities and …

Although having been granted the opportunity to enjoy Christmas and the New Year with his family, former FTX CEO Sam Bankman-Fried has very few reasons for optimism in 2023. The United States Department of Justice has launched an investigation into the whereabouts of approximately $372 million in missing digital assets from FTX and its U.S.-based subsidiary, FTX US. According to SBF, the incident was perpetrated by either a former FTX employee or someone who had unauthorized access to a former employee’s computer. It would be great to know which former employees started to transfer out funds from Alameda Research just …

Global cryptocurrency exchange Kraken has decided to pull its operations in Japan for the second time, citing a strain on its resources amid a “weak crypto market.” In a Dec. 28 blog post, Kraken said it has decided to cease its operations in Japan and deregister from the Financial Services Agency by Jan. 31, 2023, which it said was part of efforts to “prioritize resources” and investments, stating: “Current market conditions in Japan in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren’t justified at this time.” “As a result, …

Japanese regulators are reconsidering some major cryptocurrency restrictions related to the use of stablecoins like Tether (USDT) or USD Coin (USDC). The Financial Services Agency (FSA) of Japan will lift the ban on the domestic distribution of foreign-issued stablecoins in 2023, local news agency Nikkei reported on Dec. 26. The new stablecoin regulations in Japan will allow local exchanges to handle stablecoin trading under condition of asset preservation by deposits and an upper limit of remittance. “If payment using stablecoins spreads, international remittances may become faster and cheaper,” the report notes. Allowing stablecoin distribution in Japan will also require more …

NFT-friendly Japanese gaming giant Square Enix has invested 7 billion yen ($52.7 million) into game developer Gumi to create “high-quality” mobile games, blockchain games and a Metaverse initiative, among other things. According to a translated of the press release, the partnership will help Gumi tap certain intellectual property from Square Enix, while it has also teased that the duo could be teaming up for a game-NFT-focused marketplace. “We are already considering the establishment of a platform dedicated to blockchain games and an NFT marketplace, etc. Through collaboration between the two companies, we will provide a one-stop service from the development …

Hackers linked to North Korea’s Lazarus Group are reportedly behind a massive phishing campaign targeting non-fungible token (NFT) investors — utilizing nearly 500 phishing domains to dupe victims. Blockchain security firm SlowMist released a report on Dec. 24, revealing the tactics that North Korean Advanced Persistent Threat (APT) groups have used to part NFT investors from their NFTs, including decoy websites disguised as a variety of NFT-related platforms and projects. Examples of these fake websites include a site pretending to be a project associated with the World Cup, as well as sites that impersonate well-known NFT marketplaces such as OpenSea, …