Japan’s crypto market on edge: BOJ rate hike fears spark concerns

Recent volatility in the global economy, especially in cryptocurrencies, has raised concerns about the effects of major financial decisions.on the 3rd of September that the BOJ would continue raising interest rates if economic conditions align with their projections.This crash was partly due to the “carry trade” strategy, where investors leveraged Japan’s low rates to borrow yen to purchase lucrative US assets.

Hence, the Bank of Japan’s potential decision to raise interest rates has once again intensified concerns of another round of turmoil., founder of SBI-owned BITPOINT and Chairman of the Japan Cryptocurrency Exchange Association, highlighted Japan’s diminishing role in the global crypto market. “There are concerns that strict tax rules will lead to a decline in the international competitiveness of Japanese web3-related businesses.”“Regarding the tax treatment of cryptocurrency transactions, cryptocurrency should be treated as a financial asset that should be an investment target for the public.”

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