Asia’s Top Crypto Developments: Key Updates from China, Japan, and Turkey

• China emphasizes the need for advanced research on cryptocurrency to support the digital economy.
• Japan plans to reform crypto gaming regulations, streamlining processes for managing in-game assets.
• Turkey decides against additional taxes on stock and cryptocurrency trading profits, focusing instead on narrowing tax exemptions.

In the crypto space, from September 23 to September 29, various Asian nations made moves that could shape the future. From China’s growing focus on crypto research to Japan’s policy changes and Turkey’s view on crypto taxes, this week’s news highlights important shifts in crypto policies and plans.

China Calls for Enhanced Cryptocurrency Research

During the 2024 Tsinghua Wudaokou Chief Economists Forum in Beijing on September 28, former Chinese Vice Minister of Finance Zhu Guangyao, stressed the need for improved research into digital assets as noted by Wu Blockchain.

Zhu noted that while digital assets are risks to capital markets and can be harmful to global anti money laundering efforts, they are also important for the economy’s growth. 

Japan to Reform Crypto Gaming Regulations

Japan’s Financial Services Agency (FSA) announced plans on September 24 to reform regulations around cryptocurrency in gaming, focusing on simplifying the process for businesses managing in-game digital assets.

This regulatory overhaul is anticipated to reduce the barriers for Japanese companies entering the blockchain gaming industry. The FSA’s move aims to make the burgeoning sector more accessible for domestic enterprises, allowing them to compete in the international market.

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On September 25, the FSA also initiated discussions on amending the Funds Settlement Act. Currently, companies offering services involving virtual currency must secure licenses from exchange operators. These stringent requirements encompassing aspects like asset management and compensation fund arrangements have been seen as hurdles for businesses in the crypto gaming space.

Turkey Decides Against Additional Crypto Tax

Turkey’s Vice President Cevdet Yilmaz confirmed that the government would not pursue additional tax plans on profits from stock trading or cryptocurrency. In an interview, Yilmaz explained that while these taxes were previously considered, they have since been removed from the legislative agenda. 
The decision comes after a period of market unease in June when news of potential taxes led to a downturn in the Turkish stock market. The government now intends to focus on narrowing the scope of tax exemptions as part of its future economic strategy.