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Japan’s SBI Remit Unleashes XRP Revolution In Global Remittances

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In a groundbreaking move, SBI Remit, the subsidiary of SBI VC Trade and the crypto-focused arm of SBI Japan, has unveiled its ambitious plan to transform international remittance services using the power of XRP. This strategic partnership with Ripple and SBI Ripple Asia has set the stage for a paradigm shift in cross-border payments.

Yoshitaka Kitao, a respected figure in the crypto world, enthusiastically conveyed and shared this groundbreaking development. Taking to Twitter, he emphasized the pivotal and transformative role that XRP is poised to undertake in revolutionizing the global remittance ecosystem, ushering in an era characterized by unparalleled efficiency and innovation.

The highly anticipated remittance service is on the brink of its launch this month, per a recent report focusing on bank accounts in the Philippines, Vietnam, and Indonesia. Given the significant portion of remittances channeled into these bank accounts, these nations emerge as top contenders for embracing XRP as the favored vehicle for international fund transfers within the cryptocurrency domain.

SBI Remit’s XRP-Powered Cross-Border Revolution

SBI Remit’s foray into these Asian markets symbolizes a strategic amplification of its dedication to harnessing XRP for cross-border transactions. This strategic maneuver not only aims to facilitate streamlined remittance services but also to catalyze fostering greater cryptocurrency adoption within these regions.

The innovative scheme devised by SBI Remit streamlines the international remittance process. When a customer initiates a remittance request, SBI VC Trade promptly responds by sending the equivalent amount in XRP, which is then seamlessly converted into the recipient’s local currency. This dynamic approach is made possible through a strategic alliance with Ripple partner Tranglo, enabling users to receive funds in their preferred local currencies.

While the initial phase of Remit’s venture targets the three aforementioned Asian countries, the company has committed to expanding its reach to cover more jurisdictions shortly. The firm plans to diversify its service offerings to include corporate and inbound transactions, all facilitated by strategic partnerships with Ripple and other prominent payment firms.

It’s worth noting that SBI Remit has nurtured a six-year strong collaboration with Ripple, particularly in leveraging Ripple Payments for cross-border remittances. In a remarkable milestone achieved in 2021, SBI Remit became the pioneering business in Japan to employ XRP as a bridge asset for international remittance services, initially targeting crypto wallets for Filipinos.

As SBI Remit embarks on this transformative journey, the crypto community and financial world will be closely watching to see how this partnership with Ripple and the integration of XRP will reshape the landscape of international remittance services. This move has the potential to not only enhance the efficiency of cross-border transactions but also drive wider adoption of cryptocurrencies in the targeted Asian markets.

Related Reading:| The Hidden Tax Risks Of Using Ripple’s XRP For Cross-Border Payments

EOS Token Gains Whitelist Nod from JVCEA, Opening Doors To Japanese Markets

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In a groundbreaking move toward global recognition, the EOS Network Foundation has revealed its remarkable achievement of coveted whitelist approval from the Japan Virtual and Crypto Asset Exchange Association (JVCEA). This game-changing development sets the stage for a giant leap forward, as the token now garners approval for trading against the Japanese yen on regulated cryptocurrency exchanges within Japan, also highlighted in a recent blog post by the EOS Network Foundation.

The market responded with excitement as word of this significant achievement spread, propelling the token to a remarkable 9% increase and a valuation of $0.6279. The approval from JVCEA played a pivotal role in causing this surge, paving the way for greater engagement with the Japanese community encompassing users, developers, and investors. EOS is gearing up for its introduction on BitTrade in mid-September, fortified by licenses approved by Japan’s Financial Services Agency (FSA) and rigorous regulations within the cryptocurrency domain.

Renowned for its rigorous and robust regulatory framework governing digital tokens, Japan’s standards are second to none. Under the vigilant oversight of the Payment Services Act, both JVCEA and FSA meticulously supervise and regulate crypto-asset providers, mandating an exhaustive pre-screening process for any novel digital assets. EOS Network’s successful clearance of these exacting criteria underlines the company’s unwavering commitment to transparency, security, and trailblazing innovation.

EOS Network’s Victory And Global Impact

The visionary Founder and CEO of the EOS Network Foundation, Yves La Rose, underscored the magnitude of this achievement, emphasizing that this milestone is not just a victory for the EOS Network but also a triumph for the broader blockchain and cryptocurrency landscape. La Rose eloquently outlined the plethora of new prospects this approval will usher in, especially within the dynamic gaming sector, where strengthened ties with businesses and developers are poised to reshape the industry.

Japan is excited as Upland, a vast virtual world constructed on the EOS platform, expands its reach to Tokyo. This expansion has propelled EOS into the spotlight, attracting attention and adoption. With an impressive history of five years of continuous mainnet operation and featuring the powerful Ethereum Virtual Machine, the token has firmly established itself within the upper echelons of the blockchain realm. This accomplishment has garnered the admiration of both enthusiasts and developers, solidifying its position among the blockchain elite.

This endorsement is a significant achievement for the token, bolstering its position in the East Asian markets and highlighting its consistent performance and dependability. Backed by a robust network of connections and a remarkable history of achievements, the token is well-positioned to leave a profound mark on this region. This accomplishment further solidifies its role as a prominent global force within the blockchain industry.

The approval’s impact reaches beyond EOS, resonating through Japan’s crypto landscape. The token joining regulated exchanges boosts crypto acceptance. Complying with strict rules, the token sets a model, increasing trust. As EOS excels, its success guides global blockchain innovation, influencing Japan and the world.

Related Reading:| Binance’s Japan Expansion: CZ Verifies August Debut

Binance Makes a Splash in Japan with New Crypto Exchange

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On August 1, 2023, Binance made its official entry back into the Japanese market by launching its cryptocurrency exchange. Reports suggest that Japanese residents will have the opportunity to create accounts starting from mid-August. However, their access to Binance’s global platform will be limited after November 30 due to the exchange’s current inability to provide derivative services in the region. Nevertheless, starting from December 1, they will be able to engage in trading on the newly introduced Japanese platform.

The decision for Binance to enter the Japanese market was initially announced in April when they acquired the Sakura Exchange BitCoin [SEBC]. Despite the initial launch date being set for June, founder Changpeng Zhao confirmed that the launch had been postponed to August.

Binance’s New Venture in Japan: 34 Cryptocurrencies Await

The cryptocurrency exchange’s primary objective is to present Japanese users with an extensive array of tokens, opening up numerous investment possibilities. This diverse selection of tokens aims to encourage users to diversify their cryptocurrency portfolios.

Binance’s listing will encompass major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), XRP, Litecoin (LTC), and Cardano (ADA). In addition to these, the exchange will also include meme coins such as Dogecoin (DOGE) and Shiba Inu (SHIB). Users will also have access to a broad range of decentralized finance (DeFi) and Web 3-based blockchain-based game tokens, such as Solana (SOL), Aster (ASTR), Avalanche (AVAX), Jasmy (JASMY), and Axie (AXS). Furthermore, Binance will offer its native token BNB on the platform.

By providing a wide variety of 34 tokens, the platform distinguishes itself as the most comprehensive exchange in the country. Binance solidifies its position as a prominent player, surpassing major local competitors such as Bitbank, GMO Coin, and Coincheck.

Binance’s Japan Expansion: CZ Verifies August Debut

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This year, Binance, the largest cryptocurrency exchange in the world, faced significant regulatory scrutiny in various countries, resulting in actions and lawsuits against the platform. However, Japan has shown a more welcoming approach to this exchange and is embracing its presence. Recently, it was officially confirmed that Binance Japan will launch in August.

Changpeng Zhao, the CEO and founder of Binance, made an appearance via video at a conference in Tokyo to announce that all services on the platform will become operational starting next month. Earlier in April, Sakura Exchange BitCoin (SEBC), a platform acquired by this exchange, revealed its plans to introduce a new service called Binance Japan, with the expected debut after June. Subsequently, it was disclosed that SEBC would cease its current services by May 31 and undergo a rebranding process to become Binance Japan.

Notably, the exchange has been absent from the Japanese market for approximately five years. However, during CZ’s recent appearance at the conference, he expressed his admiration for Japan, including its cuisine, people, and environment. He also commended the country for being a leader in the Web3 regulatory landscape.

Moreover, the cryptocurrency trade volume in the region witnessed a significant 60% surge last month compared to the beginning of 2023. With Binance’s upcoming entry into the Japanese market next month, it is expected that this move will further bolster the trading volume in the region, solidifying Japan’s position as a major player in the cryptocurrency industry.

A Sneak Peek into Binance Japan’s Offerings

SEBC users will be required to register with Binance Japan, and the migration process will become accessible from August 1, 2023. This procedure will involve a new identity verification system to comply with local regulations. Binance has previously announced that any remaining funds held on the SEBC exchange will be automatically converted into Japanese yen and then transferred to users’ bank accounts.

Moreover, Binance clarified that it will not be offering derivative services in Japan. Consequently, Japanese users will not have access to the derivative services available on the global platform. Residents in Japan who were using the global platform had until June 9 to either increase or initiate new options positions. After this date, such actions were no longer permitted, and the exchange emphasized that pending orders would be canceled. Users were strongly advised to close all existing positions before June 23. Additionally, Binance Leveraged Tokens will not be available for trading or subscription in Japan. Nonetheless, the exchange expressed its future intentions, stating:

“In the future, we plan to continue enriching our service offerings in Japan and will work closely with regulators to possibly provide derivatives services in a fully compliant manner.”

XRP Takes Centre Stage With SBI Midsummer Festival In japan

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The world of cryptocurrencies is exciting as SBI, a renowned financial giant in Japan unveils its trailblazing approach to XRP trading. The crypto community is abuzz with the news, courtesy of Crypto Eri, a prominent pro-XRP figure who took to Twitter to share the intriguing developments initiated by SBI. With a mission to elevate Ripple’s prominence in Japan’s crypto sphere, SBI is embarking on an innovative campaign known as the “Midsummer XRP Festival.”

SBI’s Multi-Faceted Initiatives For XRP Dominance

SBI’s commitment to thrusting Ripple into the limelight is evident through a series of strategic moves. The “Midsummer Festival,” a collaborative effort between SBI VC Trade and SBI FX Trade, aims to entice Ripple enthusiasts with exciting opportunities to win Ripple gifts through spot and leverage trading.

As part of the Spot Transaction Campaign, individual customers can partake in the festivities by engaging in Ripple coin spot trading at SBI VC Trade sales offices during the campaign period, which spans from July 14 to August 1, 2023. This participation allows customers to win Ripple equal to 0.5% of their total contract price, capped at an impressive 1 million yen. Winners will have their eligible Ripple promptly credited to their SBI VC Trade accounts by the end of August 2023.

In another move, SBI launches the Leverage Trading Campaign, offering individual customers a shot at winning 100 Ripple each. A lottery will determine 50 fortunate recipients of this generous giveaway. Eligible participants must engage in leveraged trading of Ripple on SBI VC Trade within the stipulated campaign period.

Cross-Promotion of XRP On FX Trading Site

Taking the campaign further, SBI introduces crypto CFD trading on its FX trading Website, featuring enticing XRP trading pairs such as XRP/JPY and XRP/USD. To encourage participation, SBI rolls out a cashback campaign for XRP/JPY and XRP/USD transactions, offering participants a chance to receive captivating gifts, potentially amounting to up to 1 million yen. The campaign is set to captivate participants from July 14 to August 1, 2023. Eligibility for the cashback requires SBI customers to engage in Ripple transactions equivalent to one million yen or more.

SBI’s enthusiastic endeavors to propel Ripple to new heights coincide with Ripple’s recent legal victory against the US Securities and Exchange Commission (SEC). Amid this triumph, SBI CEO Yoshitaka Kitao radiates optimism, hinting that Ripple investors may be in for substantial gains due to Ripple’s favorable outcome against the regulatory authority.

With these groundbreaking initiatives at the forefront, the Japanese crypto community eagerly awaits witnessing XRP’s meteoric rise to prominence in the rapidly evolving crypto landscape of the nation. As SBI leads the way, the future looks brighter than ever for Ripple enthusiasts across Japan.

Related Reading: | Ripple Lawsuit Update: Judge Appoints Magistrate Netburn For General Pretrial Proceedings

Global Stablecoins Could Soon Come Into Existence: Japan’s Banking Giant

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Japan passed its stablecoin bill earlier this month. This specific asset class was designated as “digital money.” Stablecoins must be connected to the yen or another kind of legal money, according to the new rule. In addition, it should ensure holders have the option to redeem them for face value.

Accordingly, only licenced banks, trust firms, and registered money transfer providers are legally permitted to issue stablecoins. The rule does not apply to existing asset-backed stablecoins from foreign issuers like Tether, it should be stressed.

Now, according to reports, Mitsubishi UFJ Financial Group [MUFG], the largest bank in Japan, is in discussions with firms connected to well-known stablecoins around the world. Additionally, it is in talks with businesses about launching these currencies on its own blockchain platform, Progmat.

Stablecoin Talks Are Doing The Rounds

The topic of the discussions has been the creation of stable coins for international use that are pegged to other currencies, notably the dollar. Progmat will be used by MUFG to create security tokens for external parties. It does not, however, have any plans for its own stable coin. Tatsuya Saito, vice president of products at the bank, told Bloomberg that “MUFG is in talks,” without identifying with whom.

Source: Bloomberg

“Issuers and users can feel safe using stablecoins” now the legislation is in effect.

However, he went on to say that talks have been had with entertainment companies, other non-financial companies, and a collection of Japanese financial firms. Saito went on to say that the bank has been receiving queries from foreign financial organizations. He asserted that Japan might eventually develop into a major worldwide stablecoin issuance center.

Others in the Japanese banking industry have also experimented with and tested stable coins. Recent reports state that three Japanese banks joined forces to test out stable coin payments. On the “Japan Open Chain,” GU Technologies, a provider of Web3 infrastructure, created a system for the same. The chain complies with Japanese law and is completely compatible with Ethereum. The banks involved were Tokyo Kiraboshi Financial Group, Minna no Bank, and Shikoku Bank.

Japan is Easing Corporate Tax for Cryptocurrency Holdings

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The ruling political party in Japan agreed to relax corporate tax regulations for cryptocurrencies, showing support for a sector that is still reeling from Sam Bankman-Fried’s crypto empire’s collapse.

According to a member of the Liberal Democratic Party, the tax committee on Thursday approved a proposal to exempt businesses from paying taxes on paper gains on cryptocurrency they hold after issuing.

“This is a very big step forward.”“It will become easier for various companies to do business that involves issuing tokens.”  

said Akihisa Shiozaki, an LDP lawmaker at a briefing

Japan moves positively amidst FTX’s fall

The action shows that, despite the industry being rocked by FTX’s collapse, policymakers in Japan are still relying on crypto technologies to spur growth. Japan currently levies a corporate tax of about 30% on cryptocurrency profits, including unrealized gains.

Based on the decisions made by the party, Prime Minister Fumio Kishida’s administration will complete its annual tax policy guidelines by year’s end.

Typically, the government presents legislation to the legislature in January to update the tax laws for a new fiscal year beginning on April 1.

Japan eased crypto listing process

Japan aims to further relax cryptocurrency regulations by making it easier to list virtual coins, which might make the nation more appealing to Binance and other foreign digital-asset exchanges.

Unless the tokens are completely new to the Japanese market, the organization that regulates cryptocurrency exchanges intends to allow them to sell coins without subjecting them to its time-consuming screening procedure.

The relaxed regulations may become effective as early as December, making it simpler for startups to compete with well-established companies by facilitating the listing of tokens and lowering the entry bar. The member companies have just received the documentation outlining the changes.

In remarks he described as personal opinions, vice chairman Genki Oda suggested that the Japan Virtual and Crypto Assets Exchange Association might also do away with pre-screenings for coins that are new to the nation as well as for tokens issued via initial coin or exchange offers.

The country is treating the revival of its cryptocurrency sector more seriously, breaking with the regulatory tightening of recent years.

Japan To Ease Crypto Listing Process; Dumping Screening

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By making it simpler to list virtual coins, Japan aims to further relax cryptocurrency regulations, which might increase the country’s appeal to Binance and other overseas digital-asset exchanges.

According to records obtained by Bloomberg News, the organization that oversees cryptocurrency exchanges intends to permit them to sell coins without subjecting them to its time-consuming screening procedure unless the tokens are brand new to the Japanese market.

Japan’s new listing rules might go out in December

As early as December, the loosened regulation may go into force, making it easier for startups to compete with established firms by facilitating the listing of tokens and decreasing the entrance barrier. The documentation explaining the modifications was recently sent to member businesses.

Vice Chairman Genki Oda stated in comments he described as personal opinions that the Japan Virtual and Crypto assets Exchange Association might also do away with pre-screenings for coins that are new to the country as well as for tokens issued via initial coin or exchange offers.

In a departure from the regulatory tightening of recent years, Japan is taking the revitalization of its cryptocurrency sector more seriously. Four years after retreating, Binance, the largest digital asset exchange in the world, is again seeking a license to operate in Japan.

The efforts taken by the nation contrast with the stricter regulation appearing in several countries after a $2 trillion wipeout of digital assets from their peak last year led to explosions at crypto hedge firms.

The most recent actions go beyond the JVCEA “Greenlist” that was first announced in 2022 and allowed some tokens to qualify for quicker postings. The JVCEA will keep an eye out for any “inappropriate” coins and may request that member businesses cease selling them.

Every three months, cryptocurrency exchanges will have to submit reports to the JVCEA regarding occurrences involving the listed currencies, such as so-called hard forks, in which a blockchain divides due to modifications to the underlying software code.

In Japan, more than 50 coins are swapped, up from less than half two years ago, in part because of speedier listing checks, according to Oda.

Lazarus group alert: Japanese Police issue warning

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The crypto-verse has had a number of hacks and attacks throughout the years. The Lazarus Group, located in North Korea, was recently found to be behind some of the most destructive attacks on the industry. The Lazarus Group has been engaged in cryptocurrency-related phishing breaches for a number of years, according to recent information from the Japanese government.

The Financial Services Agency (FSA) and Japan’s National Police Agency (NPA) have warned crypto platforms to be on the lookout for phishing scams. These organizations think that the primary reason the hacker gang has been taking cryptocurrency is that it is “handled more loosely.”

The statement went on to describe these phishing attacks in more detail. It read,

“This cyber attack group sends phishing emails to employees impersonating executives of the target company […] through social networking sites with false accounts, pretending to conduct business transactions […] The cyber-attack group [then] uses the malware as a foothold to gain access to the victim’s network.”

Therefore, businesses all around the country were urged not to click email attachments or even URLs carelessly. Downloading files from unverified sources was advised to be avoided, especially with reference to encryption.

The NPA also recommended “installing security software,” “using multi-factor authentication,” and avoiding using the same password across numerous platforms or services for owners of digital assets.

The community then began to wonder if the Lazarus Group would continue to get money from Japan.

The Lazarus group saga to continue?

The North Korean government’s support for the Lazarus Group is known to everyone worldwide. The community has seen numerous cryptocurrency platforms fail over the years. The Lazarus Group has established its control over these bridges, first with the Ronin Bridge breach and most recently with the Harmony’s Horizon Bridge hack.

Despite the Japanese government’s attempts, the Lazarus organization has persisted in destabilizing crypto companies there. It was revealed that crypto businesses have received many warning letters from the NPA and FSA. The most recent warning is said to be the fifth.

Therefore, it was unlikely that the Lazarus Group would see a decline in support from Japan.

Ripple’s New Partnership Will Bolster Web3 Development in Japan

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A new partnership with Ripple will aid in bolstering web3 development. “Web3 Design Lab,” a new service launched by btrax Inc., is intended to assist Japanese businesses in accelerating the development of their Web3 businesses for the international market.

Takahito Iguchi, a seasoned businessman and the CEO of Audio Metaverse, has been chosen as the service’s sole advisor.

To build Web3 Design Lab alongside the XRP Ledger (XRPL), btrax will collaborate with Ripple, the market leader in enterprise blockchain and cryptocurrency solutions, in conjunction with the launch.

“For nearly 10 years, Ripple has been a robust technical partner to enterprises in search of crypto and blockchain solutions to help accelerate their business, while the XRPL has served as the best-in-class blockchain for settlement of tokenized assets at scale,” said Emi Yoshikawa, VP of Strategy and Operations.

Ripple has been a helping hand in Japan

Japan’s market has long been a stronghold for ripple. To enhance cross-border payments to the Philippines, it teamed up with SBI Remit, the biggest money transfer company in the nation, last year.

Before choosing to remain in San Francisco, XRP thought of moving its headquarters base to Japan. Despite the legal clampdown in the US, the company keeps expanding globally.

As a design partner and provider of design services utilizing XRPs blockchain and cryptocurrency solutions, Web3 Design Lab supports the growth of Japanese businesses.

By encouraging a proper understanding of Web3, which is quickly gaining attention globally and is anticipated to grow further in the future, btrax hopes to help revitalize the global business of Japanese companies.

On August 18, Ripple and Travelex, a bank in Latin America, announced a new partnership to increase instant cross-border crypto payments in Brazil using its On-Demand Liquidity (ODL) service. Ripple has been a helping aid in cross-border payments.