|

DashNexus budget proposal approved for getting DASH back into Japan

A $30,000 proposal submitted by the group running Dash's Japanese website has just received approval to continue their efforts to get the token relisted in Japan.

According to an April 27 update on a DashNexus proposal, Yosuke Suda of Dash Japan has purportedly been working with the Dash Core Group to get DASH back in the hands of Japanese investors. 

Suda — identified as “Samurai33” — originally posted the proposal on March 10 with the goal of getting the crypto asset “listed on registered crypto asset exchanges in Japan and to gain status equivalent [to Bitcoin].” He also hopes to see DASH used for payments within the country.

As part of his proposal, Dash Japan requested $30,000 to be used on memorandums drafted by lawyers and CPAs, as well as travel for himself and the Dash Core Group to Tokyo, with Suda promising to send the funds to a Dash Core Group wallet. 

This proposal was approved on April 27. However, at the time of press, no one who has been in the United States in the last 14 days — the Dash Core Group is based in Phoenix — will be granted entry to Japan due to COVID-19 travel restrictions.

Removed from many exchanges

DASH, a privacy-focused cryptocurrency, was systematically delisted from many crypto exchanges in Japan starting in 2018, including by major exchange Coincheck. According to Suda, this removal was based on a “shared misunderstanding” by Japanese regulators that “Dash’s blockchain is private, untraceable, and cannot be audited.”

Japan eager for a DASH revival?

Although there are no specific laws or guidelines in Japan prohibiting DASH by name, the Japan Virtual Currency Exchange Association (JVCEA) has issued guidelines that effectively shut out the cryptocurrency from all local exchanges. These include regulations on difficult-to-trace cryptocurrencies, digital assets that are difficult to audit, and those at risk of violating anti-money laundering (AML) and anti-terrorist financing (ATF) laws

“As of March 2020, there are 21 registered and licensed exchanges in Japan, however none of these exchanges have Dash listed on their platforms. This means that residents of Japan have no legal way to purchase Dash”

The submitted proposal will send memorandums written by lawyers and CPAs to other registered crypto exchanges in Japan — 23 at the time of writing — the JVCEA, and the country’s Financial Services Agency. The last is responsible for amendments to regulations of digital assets under the The Payment Services Act and Financial Instruments and Exchange Act, set to be enforced in Japan starting on Friday, May 1.

Author

Cointelegraph Team

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

More from Cointelegraph Team
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Avalanche struggles near $12 as Grayscale files updated form for ETF

Avalanche trades close to $12 by press time on Wednesday, extending the nearly 2% drop from the previous day. Grayscale filed an updated form to convert its Avalanche-focused Trust into an ETF with the US Securities and Exchange Commission.

Bitcoin slips below $87,000 as ETF outflows intensify, whale participation declines

Bitcoin price continues to trade around $86,770 on Wednesday, after failing to break above the $90,000 resistance. US-listed spot ETFs record an outflow of $188.64 million on Tuesday, marking the fourth consecutive day of withdrawals.

Michael Selig assumes role as new CFTC Chair, what does this mean for crypto?

Michael Selig has been sworn in to serve as the 16th Chairman of the Commodity Futures Trading Commission. Selig was confirmed by the US Senate to head the commission last week, following his October nomination by the US President Donald Trump.

Crypto.com hires sports trader for event prediction market-making

Crypto.com plans to recruit a quant trader for the sports market-making team to buy and sell financial contracts related to these events. Opponents argue that internal trading desks put operators or their affiliates on the opposite side of customer trades. 

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.