The profits many make from cryptocurrency trading are currently eclipsing $10,000s for larger traders. Considering the significant part of many people income crypto trading has become, Japanese authorities have proposed increased powers to be given to the National Tax Agency to crack down on tax evaders. Currently the powers of the government remain limited as reforms only allow require who earn over 200,000 Yen a year via crypto trading are required to disclose their earnings…
GMO has launched the worlds first ever 7nm bitcoin miner. Designed completely in house, the device is the brainchild of the Japanese giant. In layman’s terms the smaller architecture has the potential to offer considerable power at lower power draws allowing for a efficient operation. The device may also encourage Nigerians to get in on the mining craze, offering 1TH at a minimal 81w power draw, miners can maximize their profits. Allowing smaller electricity costs,…
The hackers behind the Coincheck hack are set to walk away with millions as around 40% of the stolen NEM tokens have already been laundered. There were significant hurdles hackers had to overcome as coordinated efforts by exchanges around the country helped to blacklist the majority of stolen funds. Furthermore, the hackers are reported to have made use of dark web services to wash the stolen funds. The hack was the result of weeks of…
The Zaif exchange, one of china’s biggest crypto exchanges, fell victim to a humiliating glitch which allowed its users to purchase crypto for free. Essentially giving away bitcoin, one brazen customer even attempted to buy $20 trillion worth of crypto from the exchange. Luckily all orders that occurred during the 20 minutes of madness were discarded and the exchange has largely recovered despite ongoing issues with one customer who has appeared to hoard some coins.…
Mitsui OSK lines (MOL) , one of Japans biggest freight companies, has announced the beginning of its very own demonstration test for a potential blockchain based ledger platform to be developed particularly for “cross border trade operations”. Funded by the likes of the Sumitomo Mitsui Banking corporation and the Sumimoto Mitsui Financial group, the test will be developed with the Hyperledger Fabric blockchain platform which was developed by Hyperledger. Marine trade remains one of the…
Cryptocoin thefts are on a rise with over 33 thefts being reported in japan so far this year. As the markets grow, the value of coins such as bitcoin increases considerably not only for consumers but thieves too. It cam as no surprise to many when Nikkei, the leading financial newspaper in the world, reported a estimate $710,848 (according to the national policy agency) having been stolen as cryptocoin assets in the first half of…
As bitcoin has been recognised as a legitimate currency in Japan, the steps towards legislating it also have encouraged retailers to integrate the payments methods within their current options, to further promote the use of cryptocurrencies, the likes of bitFlyer, a well-known exchange in the country is set to sell insurance policies to retailers who adopt the technology. For the safety of the business, the insurance will effectively offer protection against payments which cannot be…
Talks about legalizing Bitcoin in Japan have been promising results for nearly a year now but with the future of Bitcoin exchanges at stake, a formal law has been passed and will be in effect tomorrow, legalizing Bitcoin as a tender in the country. As we have explored before, the previous draft did include some debilitating clauses which would have stifled growth of exchanges, but the majority of points set out in the document aim…
Japan has finally announced its plan to remove the Bitcoin sales tax on Bitcoin transactions. While the tax currently stands on purchases, it is anticipated that by early 2017 the ruling will officially be implemented. The huge announcement came recently in the tax document that was released by the ruling party. Currently the sales tax stands at 8%, restricting many opportunities for financial expansion. Negotiations for the tax cut had started last year but have…
African banks have a known hostility towards Bitcoin and blockchain technologies. Following the regulations set out by many European and American states, African banks have remained cautious about recognising the validity of Bitcoin as a currency. While some countries have shown interest in developing blockchain technology to work alongside current infrastructure the majority of African banks remain hostile toward Bitcoin and crypto developments. However as of recently South African and Japanese banks have become welcoming…