- This comes at a time when Japan is imposing more rules on the cryptocurrency sector.
- The current corporate tax rate is set at 30% on all cryptocurrency earnings.
Animoca BrandsAsia-based crypto gaming and web3 investment tycoon is expanding into Japan with the help of a $45 million fundraising round with $500 million pre-cash fundraising.
Animoca Brands, parent company, and MUFG Bank, the largest bank in Japan with 360 years of history, has split the investment. This comes at a time when Japan is imposing more rules on the cryptocurrency sector.
Huge potential despite oppression
It is not easy to use cryptocurrencies in Japan. The current corporate tax rate of 30% on all crypto profits (realized and unrealized) has led to a mass exodus in the blockchain industry and calls for lower tax rates from local crypto companies. Japan remains a hotspot for NFT providers looking for IP addresses due to an abundance of popular anime, manga, video games, movies, and artists.
To increase the value and usefulness of their branded materials and encourage the growth of a safe and secure NFT ecosystem in Japan, Animoca Brands Japan, whose parent company funded the world’s largest NFT platform OpenSea, wants to take advantage of new funding to obtain licenses for popular intellectual property, and improve Internal capabilities, pushing Web3 adoption to different partners.
Japanese financial institutions are not limited to MUFG, which was established through the merger of Bank of Tokyo-Mitsubishi and UFJ Bank. Sumitomo Mitsui Banking Corp., a major financial institution, said in July that it would launch a “Token Business Lab” to advise institutional clients on the use of NFT applications, with technical assistance from blockchain startup HashPort.
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