Cryptocurrency News From Japan: August 2 – August 8 in Review

This week’s headlines from Japan included Coincheck readying its digital shareholder meeting solution, GMO Coin announcing negative leverage trading fees, Decurret testing transactions with a power company, Japanese authorities proposing tax changes, and Japanese finance company FISCO developing apps for shareholder voting and staking. 

Check out some of this week’s crypto and blockchain headlines, originally reported by Cointelegraph Japan.

Coincheck setting up for digital shareholder service 

As Tokyo-based crypto exchange Coincheck readies its new digital meeting avenue, the exchange’s co-founder expressed confidence in the project. Known as Sharely, unveiled in June 2020, the digital shareholder gathering solution allows for participant inquiries and voting, as well as the option for simple non-interactive viewing.

Expecting a launch following the coming fall months, Coincheck is currently looking into future blockchain-based voting right verification for the solution. The solution aims at catering to newly-listed businesses that are still working out the kings of shareholding meetings, Coincheck co-founder Yusuke Otsuka said. Coincheck’s parent outfit, Monex Group, also sees application for unlisted businesses.

GMO Coin publicizes leverage fee incentive

Digital asset exchange GMO Coin recently unveiled a leverage trading fee incentive when trading the Japanese yen (JPY) against Bitcoin (BTC). Formally called a negative trading fee, participants will receive a small payment — 0.035% of the trade — for taking leveraged trades instead of paying a fee. 

Decurret details recent proof of concept study with power company

Crypto exchange Decurret and Kansai Electric Power (KEPCO) conducted a proof-of-concept, or PoC, study in March 2020, essentially testing digital power transactions via a blockchain-based solution. Decurrent released the study results in an Aug. 5 write-up

“The study confirmed the effectiveness of automated settlement of P2P electricity trades using unique digital currency issued for the KEPCO project on a blockchain platform for issuance and management of digital currency built by DeCurret,” Decurret said it its report. 

Japanese authorities propose crypto tax reform

In a collaborative effort, the Japan Virtual Currency Exchange Association, or JVCEA, and the Japan Cryptocurrency Business Association, or JCBA, proposed tax alterations for 2021. The proposal noted crypto taxation in the country as an issue, hindering Japan’s potential future edge on competing nations.

Among several suggested changes, the proposal included a tax exemption in line with crypto profits, and a “20% tax separation based on declaration” for crypto profits, Cointelegraph Japan detailed. 

FISCO working on voting apps and staking

Japanese finance business FISCO is currently working on a number of solutions, including an app hosting smart contract-based shareholder voting capability, as well as staking apps for its own FISCO Coin (FSCC) — an asset used in the company’s apps and solutions. The company looks toward completion and launch in the fall.

The FSCC asset shot up in price around the announcements.