There is a theory that Japan is the mother country of Bitcoin. Regardless of whether it is true or not, it was among the first countries to start making virtual currency transactions. Besides, Japan was the first country to solve the problem of double-spending for crypto using the P2P structure.
Amidst global digitization, the cryptocurrency industry is constantly growing. Some countries remain alerted to the industry, while others create favourable conditions to take advantage of it to boost their economy.
The South Korean government is actively adopting disruptive innovations including blockchain and distributed ledger technology (DLT) within various industries. It seems the country wants to follow in the footsteps of Japan and Switzerland to become a global tech hub.
Japanese Deputy Prime Minister and Finance Minister Tarō Asō said he disagrees with the plan to lower the cryptocurrency tax to the same level as stocks. At the meeting of the Finance Committee of the House of Representatives, he stated that there was no intention to lower the cryptocurrency tax rate to 20%.
As the demand for e-books is increasing because of Coronavirus pandemic, a Japanese ebook leader Media Do Holdings is looking for effective ways to improve services via blockchain and distributed ledger technology (DLT).
On March 11, the Tokyo Metropolitan Police arrested two people in connection with the $580m hack on cryptocurrency exchange Coincheck. The police revealed that the two men were found in possession of NEM cryptocurrency linked to the cryptocurrency stolen from the exchange in 2018.