A leading real estate company listed on the Tokyo Stock Exchange has broadened its cryptocurrency payment options to now include XRP, SOL, and DOGE. This expansion brings the total number of accepted digital currencies on its platform to five, adding to the already supported Bitcoin (BTC) and Ethereum (ETH).
As the fifth-largest real estate firm in Japan by revenue, this decision signifies a positive trend in the adoption of cryptocurrency payments within the property market in the country. Emi Yoshikawa, formerly associated with Ripple, announced the update on social media, underscoring the significance of this development:
As outlined in a translated press statement, the real estate firm intends to facilitate international property transactions in Japan via its “Open House Global” platform, which now includes cryptocurrency payment options and multilingual support for a worldwide client base.
This initiative could potentially establish a standard for mainstream cryptocurrency transactions in large-scale purchases, possibly inspiring other businesses in Japan and around the globe to adopt similar practices. It also reinforces the credibility of cryptocurrencies as legitimate payment methods for high-value transactions.
Japan is advancing to embrace cryptocurrency
The regulatory landscape in Japan is adapting to support cryptocurrency adoption. The country has established clearer guidelines for crypto enterprises, and Japan’s Financial Services Agency has recently suggested major revisions to the Payment Services Act, introducing new regulations for stablecoins and cryptocurrencies.
The goal is to diversify stablecoin reserves, permitting trust companies to hold up to 50% of their reserves in term deposits and government bonds, while still ensuring a one-to-one backing. This transition aims to enhance investor protection by allowing regulators to require onshore custody of spot digital assets and stablecoins by exchanges, addressing issues raised by previous exchange failures.
The legislation also proposes a new category of intermediaries that can operate as brokers between clients and crypto exchanges without needing to register as exchanges themselves, simplifying the process while ensuring regulatory oversight on asset disclosures and risks.
At the same time, a proposal from Japan’s ruling Liberal Democratic Party (LDP) is under discussion to implement a 20% tax rate on cryptocurrency investments, aligning these with stocks and other financial instruments.
As reputable companies increasingly adopt cryptocurrency and government regulations strive towards a more crypto-friendly environment, this could open the door for broader acceptance and new applications in Japan’s real estate market and beyond.
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