[2017-06-22] Japan to Trial Blockchain Technology for Real Estate Records

[tyz]

Japan to Trial Blockchain Technology for Real Estate Records

Japanese authorities are looking into using Bitcoin’s blockchain technology to better manage their property and real estate records.

Since the MT.GOX hacking incident, the Japanese government has carefully tried to properly regulate the bitcoin trading market in the whole country.

In April 2017, the Japanese government passed a ‘Bitcoin Regulation Law’, which forced all bitcoin exchanges in Japan to properly implement know-your-customer (KYC) and anti-money laundering (AML) mandates.

http://bitcoinist.com/japan-blockchain-tech-real-estate/

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[1714153554]

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[Raxitto]

The Japanese government approved a "Bitcoin Regulation Law," forcing all exchanges of Bitcoins in Japan to implement a KYC (Know Your Customer), and implement anti-money laundering (AML - Anti Money Laundering). The law passed declaring Bitcoin as a legal tender.
The Japanese are evolving into yet another technological solution now using the blockchain. According to a recent Nikkei financial report, the Japanese government is looking to upgrade its current real estate systems to use this blockchain technology. According to estimates by the Japanese government itself, there are about 230 million lots and 50 million buildings that are registered today all over Japan.
The proposal would be to use blockchain technology to collect, manage and update all real estate data, thus seeking a more effective way, in addition to avoiding any fraud. Such a solution would solve the current lack of sufficient data and outdated which has been a major problem for Japanese authorities, since in many cases property entitlements were not able to be properly resolved due to insufficient data.

[xiayu]

Japan for the development of the chain is still relatively important, the development is also good

[Raxitto]

Japan's tax reform law that officially eliminated the consumption tax on the bitcoin trade came into effect on July 1. The bitcoin trading activities are expected to increase in Japan after the new rules. The supply of digital coins will be exempt from Japanese consumption tax. Currently digital coins such as bitcoin do not fall into the category of exempt sales, and as a result, the sale of the currencies in Japan was treated as taxable.