Travel booking startup targets Bitcoin investors with cashback offer

Japan’s Blockchain Group Requests Crypto Tax Revision for Web3 AdoptionThe Japan Blockchain Association (JBA) has submitted a request to the Japanese government to reform the current cryptocurrency tax system, as it believes the existing framework hampers the growth of the Web 3 industry and discourages public engagement with cryptocurrencies. The association believes the tax revision would help position Japan as a leading country in the Web3 industry and boost the nation’s economy through these changes.Photo by Su San Lee on UnsplashGreater tax exemptionLast month, the Japanese National Tax Agency announced that companies would no longer be taxed on unrealized gains from cryptocurrencies they hold, provided they are the issuers of those tokens. While this represents a positive step, the JBA considers it insufficient in fostering Web3 growth. In light of this, the blockchain group urges the government to extend this exemption to also cover holdings of tokens issued by third parties.Separate taxationAdditionally, the JBA proposes a shift in the tax treatment of personal cryptocurrency transactions. It advocates for a separate taxation approach with a fixed tax rate of 20% for individual transactions, including crypto derivatives. This modification is seen as a way to adapt to the increasing prevalence of crypto asset transactions in the emerging Web3 era.Crypto-to-crypto trading tax abolitionUnder the current system, individuals trading crypto assets for other crypto assets are subject to income tax on the profits earned from each transaction. However, with the increasing variety of crypto assets and the growing prominence of crypto asset transactions in the emerging Web3 era, the JBA is advocating for the abolition of income tax on transactions between cryptocurrencies. The complexities involved in taxing such transactions within the evolving Web3 landscape have prompted the group to propose a reevaluation of the taxation approach, seeking a more favorable environment to foster the growth of the crypto industry.Japan has demonstrated its proactive approach in promoting and embracing the Web3 industry. At the annual Japanese Web3 conference, WebX, held in Tokyo last week, Prime Minister Fumio Kishida delivered a video address to mention Web3 as part of “the new form of capitalism,” acknowledging its capacity to stimulate economic growth and tackle societal challenges. Minister Kishida highlighted the Japanese government’s dedication to creating a supportive and conducive environment for the advancement of Web3 projects.

Korean health management app leverages blockchain for iris-based solutionsIRIS, a blockchain foundation focused on healthcare, announced on Wednesday (local time) the launch of a health management app developed in collaboration with Hongbog, a South Korean provider of iris-based biometric systems. This app offers services customized to each user’s health status and lifestyle.Photo by Kalea Jerielle on UnsplashIridology-based health analysisUnlike other healthcare platforms that primarily focus on exercises, IRIS’ app offers long-term and periodic health trend analysis reports through iris photography. This approach is based on “iridology,” a concept used in traditional Korean medicine, and the app also recommends visits to specialized healthcare providers based on its findings.The app instantly analyzes a user’s biometric information through artificial intelligence once a picture of their eyes is captured with a smartphone camera. Within 15 seconds, users can view their results, based on which the app recommends personalized exercises and nutrients.This platform serves both personal disease management and prevention, and can also be utilized by public health centers for monitoring the health of local residents. Presently, it provides five health ratings for cholesterol, stress levels, and four specific organs: the brain, lungs, liver and kidneys. Future updates will optionally include information on an additional 15 organs, such as the heart, bronchi, pancreas and stomach.Blockchain-powered privacy protectionA representative from IRIS conveyed that their goal in an aging society is to assist customers in preventing serious illnesses and promoting longer, healthier lives. They emphasized that the app enables regular measurement of health indicators, aiding in disease prevention and management. The representative also mentioned that by storing sensitive healthcare information on the blockchain, the service eliminates the risk of personal data leaks.

Japanese Banking Giant Joins Tech Firms to Build Cross-Chain Stablecoin InfrastructureA major Japanese banking group has initiated a collaboration with technology companies to develop cross-chain infrastructure, according to a press release. The purpose of establishing a cross-chain system is to facilitate the trading of stablecoins across various public blockchains.Photo by Takashi Miyazaki on UnsplashThree companies team upIn this collaborative partnership, the Mitsubishi UFJ Financial Group (MUFG), the key developer of the stablecoin issuance management platform Progmat Coin, will join forces with Datachain, a cross-chain technology firm, and TOKI FZCO, which has global plans for providing cross-chain bridges. Together, they will work towards constructing infrastructure that enables cross-chain transactions involving stablecoins on different blockchain networks.Japan’s new regulatory boostWith the implementation of the revised Payment Services Act in Japan this year, companies completing the license registration process will gain the ability to issue and distribute various stablecoins on Progmat Coin. Furthermore, it is expected that stablecoins will be issued across different blockchains, including Ethereum.TOKI is currently in the process of developing a cross-chain bridge with the aim of introducing it this year. The cross-chain bridge developed by TOKI leverages blockchain intercommunication technologies such as the Inter-Blockchain Communication Protocol (IBC) or Datachain’s Light Client Proxy (LCP). These technologies ensure a high level of security and scalability for cross-chain transactions. Additionally, TOKI’s bridge boasts a highly efficient liquidity mechanism.The three companies strive to cooperate on this infrastructure project with an aim to launch it in the second quarter of next year.Government supportA couple of days ago, the Tokyo Metropolitan Government took a proactive step to support security token businesses based in Tokyo by offering subsidies. Given that both MUFG and Datachain are Tokyo-based companies, it appears that the Japanese government’s initiatives are beginning to yield positive results.