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Welcome to the one hundred twenty-eighth edition of the Japan FinTech Observer.
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Prime Minister Ishiba announced his resignation right after he “gave away the store” to Trump, as Richard Katz observed.
As the governmental budget season is under way, the Financial Services Agency has requested the highly anticipated review of taxation of crypto asset transactions, i.e. a move towards separate taxation like other financial assets (20% tax rate, plus local tax).
However, to quote another famous economist, Jesper Koll stated: “Specifically, I very much doubt anyone at the Ministry of Finance will agree to either a cut in taxes nor out-of-the-normal expenditure increases. Whatever politicians in their desperation to build coalitions may call for, the MoF will be more than ready to counter attacks and stonewall.”
Brace for an interesting autumn in Japan.
Here is what we are going to cover this week:
Venture Capital & Private Markets: MUFG Bank and MUFG Innovation Partners Invest in LayerX; SMBC Group, alongside the Development Bank of Japan and Sumitomo Mitsui Trust Bank, has invested in Commonwealth Fusion Systems; Saison Capital Participates in Pointsville’s Series AInsurance: SOMPO to Acquire Aspen Insurance Holdings for USD 3.5bnBanking: The first meeting of the Financial System Council’s Working Group on Strengthening Regional Financial Power was heldPayments: PayPay Integrates with “WeChat Pay”; merger of au Payment and au Financial Services; Stripe Tour Tokyo — Roundtable: A Policy Discussion on StablecoinsAsset Management: establishment of new joint venture company between SBI Group and SMBC GroupDigital Assets: a new partnership between SBI VC Trade and Convano for large-scale Bitcoin operations; SBI Securities’ launch of crypto CFDs, underpinned by B2C2 as a liquidity provider; Coincheck Group to acquire Aplo, a registered crypto prime brokerage for institutional investors; Startale to lead Entertainment Tokenized Assets (ETA) in Japan; the second meeting of the Financial System Council’s Working Group on Crypto Assets was heldThe Last Word: Bank of Japan Deputy Governor Himeno’s Hokkaido Speech
AloJapan.com