Gairika Mitra
Japanese investment firm Metaplanet announced Tuesday its acquisition of an additional 107.9 Bitcoin, valued at 1 billion yen ($7 million). This latest purchase propels the company′s total Bitcoin holdings to 506.7, worth approximately 4.75 billion yen((33.2 million), as it kicks off the fourth quarter with a strong crypto commitment.
The company took to X to make the announcement.
*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC
— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024
Metaplanet, often dubbed “Asia’s MicroStrategy,” has been aggressively expanding its Bitcoin portfolio. This is part of a strategic approach to bolster its treasury reserves. This investment strategy mirrors that of MicroStrategy, the U.S.-based firm celebrated for its substantial investments in Bitcoin.
By ramping up its cryptocurrency holdings, Metaplanet aims to diversify its financial assets. It also aims to capitalize on the potential growth of digital currencies. The firm’s ongoing purchases underscore a broader trend among institutional investors seeking to integrate crypto into their long-term investment strategies.
Japan’s FSA Eyes Crypto Reforms to Boost Blockchain Gaming and Update Tax Regulations
Apart from this, Japan has been pro-active with its crypto laws. Japan’s Financial Services Agency (FSA) is reportedly considering reforms to the nation’s cryptocurrency guidelines, particularly in the gaming sector. The FSA is also exploring a framework to simplify how businesses handle crypto assets.
These proposed changes will likely focus on revising the Payment Services Act, which currently regulates cryptocurrency use. The aim is to reduce regulatory hurdles for companies, especially within the blockchain gaming industry. Strict rules currently require firms that use tradeable in-game currencies or crypto assets to maintain enough funds to reimburse users in case of a security breach. This move has deterred many gaming companies from fully embracing blockchain technology.
The FSA is now contemplating easing these requirements to make blockchain integration more feasible for gaming firms.
FSA Proposes Crypto Tax Reform for 2025
The regulator has proposed amendments to the nation’s tax laws for the 2025 fiscal year.
In an August 30 request, the FSA outlined plans to classify cryptocurrencies similar to traditional financial assets, which could lead to reduced tax rates for crypto transactions. The agency noted that cryptocurrency “should be treated as a financial asset that is an investment target for the public” and emphasized the need to review its tax treatment accordingly.
Currently, Japan taxes crypto profits as miscellaneous income, with rates varying from 15% to 55%, depending on income. This contrasts sharply with the 20% maximum tax rate for stock trading. Corporate entities face a 30% tax rate on their crypto holdings at the end of the financial year, regardless of whether they’ve realized profits.
Read More
- Japan’s Financial Regulator Proposes Lower Taxes for Crypto Assets in 2025
- Japan’s TEPCO Explores Renewable Energy for Bitcoin Mining
- Japan Regulator Prepares to Reform Crypto Gaming Laws
Gairika holds positions in BTC. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
