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Binance Donates to Japan Disaster Relief

Binance Donates to Japan Disaster Relief: Japan is prone to natural disasters. Located along the world’s most active earthquake belt, the country’s seen everything from earthquakes to mudslides.

The latest Japanese natural disaster occurred this weekend. On the night of July 7, a 6.0 earthquake hit Japan.

No tsunami warning was issued, but the aftermath of the latest Japan earthquake is becoming dire. As a result, crypto exchange Binance has stepped in to help. 

Binance Donates to Japan Disaster Relief 

Since last Thursday, Japan has experienced heavy rainfall, sparking deadly landslides and floods. Then, on Saturday, the 6.0 earthquake occurred; the time was around 9 p.m. 

With over 60 dead from the floods, Binance has called on the crypto community to help in the Japan disaster relief initiative. Binance itself has pledged $1M for the victims. 

In an official post, Binance announced the $1M donation, as well as calling on “crypto friends and partners” to join them. Instructions were provided to those who would like to donate to the Japan disaster relief. 

Binance Donates to Japan Disaster Relief: CEO Speaks Out

The CEO of Binance also shared the news on Twitter. There, Changpeng Zhao once again called on Binance’s crypto partners to join them “and help our friends in need.” 

Cryptocurrency Donations: Do They Make a Difference?

It wouldn’t be the first time cryptocurrencies were put towards aiding natural disasters or donated for charitable organizations. 

The Freedom of the Press Foundation, for instance, now accepts virtual currencies as donations.

Meanwhile, Ripple is known for making donations, either in dollars or XRP. It donated nearly $30M in XRP to DonorsChoose, $4M to the Ellen DeGeneres WildLife Fund and $50M to Universities for more blockchain adoption. 

The Takeaway

Binance donates to Japan disaster relief, and this is something many other financial institutions should do.

My recommendation is that if you have cryptocurrencies to spare, you should take Binance up on its offer, and donate to the Japan disaster relief. The country has been through enough, and according to the weather forecast, more is to come.

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Japan Cryptocurrency Tax | Finance Minister Considers Crypto Tax Rates

Japan Cryptocurrency Tax: Taro Aso, the Deputy Prime Minister and the Minister of Finance for Japan, has concerns over cryptocurrency taxes in his country but believes it to be doubtful that the public would accept any changes made to the cryptocurrency taxation law.

Japan Cryptocurrency Tax

Currently, cryptocurrencies are taxed as “miscellaneous income”. Items taxed under this category can incur taxes up to 55%. However, Aso feels a better approach to cryptocurrencies is to tax them as “separate self-assessment taxation”.

This category would bring cryptocurrency taxes to a flat rate of 20 percent which is similar to stocks or forex trades. The question of “tax-fairness” is a concern, however, as the public is expected to react strongly against this potential categorical shift.

Upper House Budget Committee Meeting

Aso spoke during today’s Upper House Budget Committee meeting, where he also talked about the importance of developing blockchain technology. But he added that supporting it is controversial considering the technology’s underpinning of cryptocurrencies. Aso believes that the position of cryptocurrency in the international financial sector remains uncertain.

During the same meeting,  He also spoke of the importance of the development of blockchain technology but added that supporting the technology can be controversial, given that it underlies cryptocurrencies.

What About Coincheck?

Japan is considered a crypto-positive nation but its government has become stricter on cryptocurrencies especially since the infamous hack of Japan’s crypto exchange Coincheck back in January of this year. In this one hack, the equivalent of $530 million USD was stolen, making this the largest hack yet in the cryptocurrency sphere. The exchange is still making repayments to its customers.

>>Crypto World Cup Day 12: Brad Garlinghouse vs CryptoYoda

Since this major hack, Japan’s Financial Services Agency (FSA) has been cracking down on exchanges and businesses relating to cryptocurrency. The FSA has been issuing business improvement notices to several cryptocurrency platforms. Inclusive in their list are exchanges that may have involvement with an organized crime group for example.

What are your thoughts on cryptocurrency taxes? Is it fair to set a flat-out tax rate of 20 percent across the board? Share with us below!

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FSA Flags 6 Native Cryptocurrency Exchanges

Japan has also been a crypto-forward and friendly country, but it seems Japan’s top financial regulator is putting its foot down on cryptocurrency exchanges. Just this morning, the Financial Services Agency (FSA) issued six new business improvements to the list of 16 cryptocurrency exchanges it previously approved.

The list of Japenese crypto exchanges receiving administrative punishment include:

  • bitFlyer
  • Bit Bank
  • BTC Box
  • Bit Point Japan
  • QUOINE
  • Tech Bureau

>> Bithumb Hack

bitFlyer In Hot Water

Among the list is Japan’s largest cryptocurrency exchange by trade volume, bitFlyer.

The press release on bitFlyer’s penalties states:

“Because problems were recognized in the internal control system such as money laundering and countermeasures against terrorism funds, separation of user property separately, management of books documents, prevention of illegal outflow of virtual currency due to unauthorized access, Today, based on the provisions of Article 63-16 of the Law, we issued business improvement orders.”

Due to the recent orders, bitFlyer has apologized to its customers and states they will work to immediately comply with the regulators. The crypto exchange has decided to stop all new account registrations at the time, and are going to re-check their status of approval.

“If defects and deficiencies are confirmed within a customer’s registration information by any chance, it will be necessary to re-implement the person’s confirmation process. Therefore, in some cases, we ask visitors to re-present their identity confirmation documents, so we are sorry for any inconvenience,” Bitflyer emphasized.

The other five cryptocurrency exchanges listed received very similar orders. Tech Bureau was the first of the list of 16 to receive improvement orders, and after today, this would be its second.

FSA CrackDown

An employee at Japan’s FSA told Bitcoin.com that at least one of the six cryptocurrency exchanges flagged was found to have some sort of involvement with an organized crime group. This employee did not specify which cryptocurrency exchange was at fault, but did reveal the crime group was Yakuza.

As the cryptocurrency industry continues to expand within Japan; the FSA will continue to tighten its belt to ensure the cryptocurrency exchanges comply with its in-place regulations.

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