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1. Bank of Japan Maintains Interest Rates Unchanged link On December 19, the Bank of Japan announced it would maintain its unsecured overnight call rate at 0.25%, leaving the policy rate unchanged. The yen weakened against the dollar, dropping to 155 for the first time since November. This marks the central bank’s third consecutive pause on rate hikes, with the decision passed by an 8-to-1 vote. 2. Japan’s Crypto Tax Reforms May Take Shape by 2025 link At a joint meeting of the Tax System Committees and Tax Research Committees of Japan’s Liberal Democratic Party and Komeito Party, the final outline of the 2025 fiscal tax reform was approved. Currently under “review,” the reforms may introduce a 20% separate self-assessment tax rate for cryptocurrencies and a loss carryforward system. The outline also confirmed an increase in the deduction amount to 1.23 million yen. Japan’s current cryptocurrency tax rate reaches as high as 55%, significantly higher than other countries, undermining th...

According to the Philippines SEC, entities involved in promoting or trading on Binance could face up to 21 years of imprisonment and $90,000 in penalties. Cryptocurrency exchange Binance has been operating in the Philippines without the necessary approval or license , according to the local securities regulator . The Philippines Securities and Exchange Commission (SEC) issued a warning against Binance on Nov. 28, informing the public that the exchange is not authorized to sell or offer securities in the country. The announcement emphasized that an exchange like Binance must apply for registration and provide detailed information about offered securities before selling them to the public. Such detailed information includes the issuance price, the nature of securities and other data. Related: Philippines to sell $179M in tokenized treasury bonds for the first time The Philippines’ Securities Regulation Code (SRC) also requires securities issuers to be registered in the country before b...