Cryptocurrency News From Japan: April 5 – April 11 in Review

This week’s headlines from Japan included GMO Coin unveiling Basic Attention Token (BAT) lending, Nitori using blockchain for furniture logistics, blockchain solution outfit, Ginco, receiving funding from DBJ Capital, Japan’s stay at home order impacting crypto businesses, and a representative from the Japan Restoration Association questioning crypto taxes.

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

GMO Coin exchange announces BAT lending

In an April 10 statement, Japanese crypto exchange, GMO Coin, unveiled lending features for Brave Browser’s Basic Attention Token (BAT).

The new capability means customers can lend their BAT to other users and gain associated interest. Customers can offer between 5,000 and 150,000 BAT up for others to borrow, for periods of six months, three months, and one month, each with varying amounts of interest.

Nitori combines blockchain and furniture

Japanese furniture outfit, Nitori, plans for a blockchain-based logistics system launch in the latter half of 2020.

Catapulted by a company called Home Logistics, the upcoming operation removes the need for the using old school paper systems. The outfits will apply the new tech to small and mid-sized companies, pertaining to supply chain tracking.

Additionally, the furniture company’s tech also works in other sectors, including cleaning businesses, according to Home Logistics’ CIO.

Digital asset wallet builder Ginco garners funds from Bank of Japan Group

Development Bank of Japan Group venture capital, or VC, outfit Ginco recently secured “pre-series A funding form DBJ Capital,” news outlet PR Times said on April 8.

As DBJ Capital’s first funding of an entity in blockchain, Ginco comes into the picture as new regulations — the Revised Funds Settlement Law, and the Revised Financial Instruments and Exchange Law — take force on May 1, 2020. Ginco offers a number of blockchain-based concepts, PR Times noted.

Japan issues new coronavirus prevention measure, causing crypto companies to slow

April 7 yielded an “Emergency Declaration” from Japan’s prime minister, Shinzo Abe, for seven regions — Tokyo, Kanagawa, Saitama, Chiba, Osaka, Hyogo and Fukuoka, NHK news said.

The declaration urges folks to stay inside, which impacted the work flow of a number of crypto companies, including DeeKallet, Fobi Japan and Coincheck.

Japanese figure head questions crypto taxes

Japan Restoration Association representative, Hayao Okita, highlighted crypto taxation in a recent Financial Statements Committee meeting. The leader mentioned research that would lead into the assets being taxed in their own category.

The present tax scheme, which is comparatively high, may hinder Japanese crypto trading, the representative expressed. Research in the field is needed prior to any changes, however, he added.