Japan’s Financial Services Agency Takes a Hard Stance on Crypto Investment Trusts
The Financial Services Agency (FSA) of Japan has doubled down on its policy to ban cryptocurrency investment trusts. Recently, they rolled out a draft guideline deeming the composition and sale of such trusts as “not appropriate.” While it’s not legislation just yet, their push for restrictions aims to curb excessive funds flowing into the crypto sphere. It’s like telling your wallet, “Whoa there, don’t go spending all your allowance on Bitcoin just because it’s shiny!”
Kenji Fujimaki’s Take on Taxation
Kenji Fujimaki, an economic critic and former House of Councilors member, suggested the industry should stop whining about the taxation issues from 55% to 20%. He nudged the FSA to consider a broader reform in the national tax system instead of clamping down on investment trusts. After all, wouldn’t it be easier if we could discuss tax reform while munching on some sushi?
Coincheck Enters the Automated Investment Game
Coincheck, the nifty Japanese exchange, has introduced Coincheck Tsumate—an automated cryptocurrency accumulation service that’s also known as the dollar-cost averaging method (DCA). Here’s how it works: every month, customers buy the same fixed dollar amount of a cryptocurrency, regardless of its price. Think of it as setting aside a little pocket change for Bitcoin, no matter how much that pocket change fluctuates! Ideally, this smooths out the bumps in the market. It’s a caffeine fix for crypto enthusiasts, keeping them alert without burning out.
Security Token Consortium: A Collective Yet Competitive Effort
In a show of strength, over 20 companies, including big names like Mitsubishi UFJ and KDDI, have banded together to form a consortium aimed at raising funds via security tokens. The consortium is set to build a platform, dubbed Progmat, for trading various financial products as digital securities. It’s like assembling a superhero group, but instead of fighting crime, they’re battling inefficiencies in capital markets. With the promise of automated ownership transfers using smart contracts, they plan to transform traditional finance into a digital age powerhouse.
What’s Next for Japan’s Security Tokens?
This move comes in anticipation of the revised Financial Instruments and Exchange Act going live next spring. Mitsubishi UFJ aims to have the platform ready by 2020, allowing both individuals and institutional investors to get in on the action. Expectations are high, just like my hopes for a perfect sushi roll.
Coincheck’s Stellar Denial
In a twist fitting for any legal drama, Coincheck has found itself amidst speculation regarding its relationship with Stellar Lumens’ recent token burn. Reports claimed that Coincheck might have had prior knowledge of Stellar’s massive burn of 55 billion XLM before they announced the listing of Stellar on their exchange. Coincheck, however, has officially denied any such links. It’s not unlike claiming you didn’t swipe the last piece of cake at a party—everyone can have their doubts, but you stand by your story!
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