Fireblocks, a leading provider of crypto custody and blockchain infrastructure, has announced the opening of a new office in Tokyo, marking a significant step in its expansion across the Asia-Pacific region.
They highlighted that Japan’s crypto market is experiencing rapid expansion, with projections pointing to a 54% growth between 2024 and 2032, underscoring the timing of its move into the region.
Amy Zhang, Fireblocks’ Head of APAC, stated that the new Tokyo office will facilitate hiring more staff in 2025 to support Japanese businesses. The company also plans to collaborate with web3 companies and financial institutions to bolster its regional presence.
Michael Shaulov, CEO of Fireblocks, emphasized the company’s commitment to addressing the unique requirements of the Japanese market. He stated that the firm aims to help Japanese enterprises fully leverage blockchain technology securely and at scale.
This development follows Fireblocks’ strategic partnership with Chainlink Labs, announced on September 17, to provide banks with an all-encompassing solution for issuing and managing stablecoins. The collaboration offers end-to-end tokenization services, including minting, custody, and distribution. Angie Walker, Chainlink Labs’ global head of banking and capital markets, highlighted that the partnership will ensure real-time visibility into asset reserves, enhancing the stablecoin’s role as a secure payment method and a reliable trading asset within the digital markets. These moves reflect a broader effort to strengthen Japan’s cryptocurrency ecosystem.
Fireblock’s expansion into Japan aligns with the government’s initiative to include cryptocurrency tax cuts in an economic stimulus package. Prime Minister Shigeru Ishiba plans to integrate tax proposals from the opposition Democratic Party for the People, which suggest raising the tax-free income threshold to ¥1.78 million ($11,435) and reducing the maximum tax on cryptocurrency profits to a flat 20% from 55%. The DPP also supports temporary sales tax cuts and incentives for increasing wages and investment in sectors like semiconductors and AI.
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