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Japan passes stimulus package, commits to crypto tax reform

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Japan’s government has approved a new economic stimulus package that includes significant commitments to cryptocurrency tax reform, signaling its intent to foster innovation in the digital asset space. Announced on Nov. 20, the reforms aim to simplify the tax filing process and reduce barriers for businesses and investors engaged in the crypto industry. This move aligns with Japan’s broader strategy to enhance its position as a global hub for blockchain and Web3 technologies.

A key component of the tax reform is the elimination of year-end tax obligations for unrealized gains on cryptocurrency holdings by companies. This change addresses a longstanding concern among businesses that were previously taxed on crypto assets they held but had not sold, potentially freeing up capital for reinvestment. The new framework is expected to encourage more companies to explore blockchain-based innovations without fear of punitive tax obligations.

In addition to the crypto-specific measures, the stimulus package includes broader initiatives to stabilize Japan’s economy amid global uncertainties. The package outlines increased support for small and medium-sized enterprises, digital transformation projects, and renewable energy investments. Experts view the integration of crypto-friendly policies as a forward-looking step that aligns with Japan’s push to remain competitive in the rapidly evolving global tech landscape.

Japan’s proactive stance on cryptocurrency regulation contrasts with the cautious approaches of many other countries. By reducing tax burdens and fostering a more favorable environment for blockchain development, Japan aims to attract international talent and investment. The reforms are set to take effect in 2024, and industry leaders are optimistic that they will bolster the country’s reputation as a leader in technological innovation.

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US lawmakers advance anti-CBDC bill

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U.S. lawmakers have voted to advance a bill aimed at blocking the Federal Reserve from issuing a central bank digital currency (CBDC), marking a major step in the political pushback against the development of a digital dollar.

The bill, which passed through the House Financial Services Committee, would prohibit the Fed from directly offering accounts or issuing a CBDC to individuals, citing concerns over surveillance, privacy, and government overreach.

Supporters of the legislation argue that a digital dollar could pose significant risks to civil liberties, enabling real-time tracking of consumer transactions and expanding federal control over personal finances. They view the bill as a safeguard against what they describe as a “surveillance-style” monetary system.

Opponents of the bill, however, argue that restricting CBDC development could hinder U.S. innovation and global competitiveness in the evolving digital financial landscape.

The legislation now moves closer to a potential floor vote in Congress. Its progress underscores growing ideological divisions over the future of money in the United States, with CBDCs emerging as a new front in the broader debate over digital governance, financial freedom, and the role of government in the digital age.

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Gemini to open Miami office after judge stays SEC case

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Crypto exchange Gemini has opened a new office in Miami, reinforcing its commitment to expanding operations despite pausing its plans for an initial public offering (IPO) amid a continuing legal battle with the U.S. Securities and Exchange Commission (SEC).

The Miami office signals the company’s long-term vision for growth in key U.S. markets, even as regulatory uncertainty clouds the broader crypto landscape. The expansion comes at a time when Gemini is facing heightened scrutiny from the SEC over its Earn program, which the regulator alleges involved unregistered securities.

While the IPO remains on hold, Gemini continues to strengthen its infrastructure and team, focusing on user growth, compliance, and regional outreach. The Miami hub is expected to play a strategic role in those efforts, leveraging the city’s growing status as a U.S. crypto hotspot.

Co-founders Cameron and Tyler Winklevoss remain vocal about the need for clear regulatory frameworks and have emphasized that Gemini will continue to fight for fair treatment while building responsibly in the U.S. and abroad.

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Coinbase Institutional files for XRP futures trading with CFTC

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Coinbase Institutional has officially filed with the U.S. Commodity Futures Trading Commission (CFTC) to offer XRP futures trading, marking a significant move toward expanding institutional access to Ripple’s native token.

The filing, submitted through Coinbase Derivatives, signals the exchange’s intent to list XRP futures contracts in a regulated environment. If approved, it would allow institutional investors to gain exposure to XRP through derivative products, a key step in broadening the token’s presence in traditional financial markets.

This development comes amid a gradually improving regulatory climate for XRP, following a partial legal victory for Ripple in its ongoing case with the U.S. Securities and Exchange Commission (SEC). The outcome gave XRP a degree of legal clarity, opening the door for exchanges and financial institutions to re-engage with the asset.

Coinbase’s push to expand its derivatives offerings also aligns with its strategy to build a more robust institutional platform. Approval from the CFTC would position the exchange to capitalize on growing demand for regulated crypto investment vehicles.

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