Coinpost provided a screenshot from the OKX app stating that “OKX Exchange products cannot be used in Japan due to local laws and regulations.”. The possible withdrawal of OKH from the market may be caused by the actions of the local regulator – the Financial Services Agency of Japan (FSA).
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Japan’s financial policy in general is not intended to work against the crypto industry. However, the authorities are trying to fully control the sector, and are willing to work only with local companies.
In June, the country introduced stricter measures against money laundering through cryptocurrencies. One of the main innovations was the “moving rule”, which will allow better tracking of cryptocurrency transactions. Any financial institution with a transaction over $3,000 would have to turn over information to the regulator.
Stablecoins were recognized as digital money in Japan last year, and only licensed banks are allowed to issue them. Japan’s national tax agency recently revised the law on the taxation of cryptocurrencies. Now companies issuing tokens do not have to pay a 30% tax on unrealized profits.