Huobi Japan Gains Boost with $4.6 Million Investment
In a recent announcement on October 25, Huobi Japan revealed that it secured an impressive $4.6 million investment, thanks to a third-party capital raise spearheaded by FPG AIM, a financial powerhouse based in Japan. This partnership aims to bolster Huobi’s presence in the financial services arena, as FPG focuses on harnessing the future potential of virtual currency exchanges that can innovate new financial assets and payment methods.
Bitcoin.com Expands Horizons with O3 Labs Acquisition
On October 21, Bitcoin.com, backed by the entrepreneurial spirit of Roger Ver, decided to bring O3 Labs into its fold. This Japanese blockchain startup is known for its wallet services catering to NEO and Ontology (ONT). By acquiring O3 Labs, Bitcoin.com is setting its sights on developing mobile financial services specifically for Bitcoin Cash, allowing its users to manage and spend their assets without the need for traditional banking systems.
Legal Concerns Surrounding Cryptocurrency Donations to Politicians
In a surprising turn of events, the Japanese government has recently deemed it legal for politicians to accept cryptocurrency donations. This revelation has raised eyebrows, as under the Political Funds Control Law, contributions to individual politicians are largely prohibited. However, since cryptocurrencies are not classified as money, such contributions are permitted.
Local entrepreneur Noritaka Okabe has voiced concerns regarding the implications of this policy, arguing that it undermines the essence of political funding. “Being able to donate to an individual politician is a big bug,” he stated, calling for immediate reforms in campaign laws to safeguard the integrity of political contributions.
Ripple’s CEO Takes a Shot at SoftBank
Ripple’s chief, Brad Garlinghouse, recently aimed critical remarks at the SoftBank Group following their extensive financial ventures, including a whopping $10 billion takeover of WeWork. Garlinghouse highlighted that SoftBank’s investments in major firms like WeWork and Uber have contributed significantly to corporate value inflation, sparking discussions about the sustainability and ethics of such financial maneuvers.
The FATF Sets Its Sights on Japan’s Crypto Compliance
The Financial Action Task Force (FATF) is preparing to scrutinize Japanese cryptocurrency exchanges and related financial entities. As they delve into the country’s anti-money laundering policies, the FATF will evaluate how virtual asset providers are adhering to compliance standards. According to their statement, the review will involve candid discussions with stakeholders from both government and private sectors based on Japan’s unique risk context.
