Coinpost reports that the cryptocurrency exchange OKX will temporarily suspend its services to Japanese users. In an official statement, the company explains that "local restrictions deprive customers of the opportunity to use OKX Exchange products." Presumably, the reason for this turn of events is the pressure exerted by the local regulator, the Japan Financial Services Agency.

OKX becomes the second major company forced to leave this region. Earlier, Binance Global announced that it will cease serving clients from Japan starting from November 30, 2023. However, this year, Binance plans to launch a local platform called Sakura to maintain its presence in the Japanese market.

Overall, Japan's policy is not directed against the crypto business. However, the authorities seek to fully control this sector and work exclusively with local companies.

Yesterday, a new law came into effect in Japan that exempts cryptocurrency issuers from paying a 30% corporate tax on unrealized token profits.

These changes occur against the backdrop of the government's efforts to actively promote its own blockchain and crypto sector. Prime Minister Fumio Kishida advocates for increased investments in digital technologies and the implementation of blockchain in Japan. He is confident that such steps will revive the economy and help build a "new capitalism."

In Japan, local residents continue to bear the heavy burden of tax obligations, as incomes exceeding 200,000 Japanese yen ($1400) are taxed at a rate of 55%. This tax rate is significantly higher than the one proposed in Ukraine, where a 20% tax is suggested. Such tax inequality creates a noticeable difference between the two countries, reflecting the differences in their approach to citizens' financial obligations.