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Japan
Cryptocurrencies are currently categorized as a “means of settlement” under the Payment Services Act, a designation that has governed their use primarily as a payment tool rather than as investment vehicles.
Circle and SBI got the green light to launch USDC in the country earlier this month.
The BOJ decision to hold rates steady keeps Japanese bond yields in check, limiting pressure on bitcoin’s price.
SBI VC Trade will be the first to list Circle’s stablecoin under the country’s new payments framework.
Metaplanet bought around 108.8 BTC at an average price of just under 9.2 million yen per coin.
The company strengthens its bitcoin position with a strategic options sale, generating nearly 24 BTC ($1.4M) in premium.
A change in the regime could result in lower taxes for some crypto investors.
Metaplanet said it was adopting bitcoin as a reserve asset to hedge against the volatility of the yen in May and had accumulated a total of 360 BTC by mid-August.
A similar yen outperformance early this month, triggered carry unwind and rocked risk assets, including cryptocurrencies.
The boss of Japan’s Financial Services Agency (FSA) has said “cautious consideration” needs to be given to the decision of approving crypto-related exchange-traded funds.