Japan Considers Stablecoin Tax Refunds for Foreign Tourists

Japan’s transport and tourism minister, Tatsunori Ibayashi, told a parliamentary committee on October 21 that the government would examine stablecoins as a way to return consumption tax to foreign visitors. No plan has been approved. From November 1, Japan’s tax-free shopping system will require tourists to pay the tax at purchase and reclaim it after customs verifies that the goods are being exported. Yen-backed tokens could deliver refunds directly to digital wallets at any hour; JPYC and Japan Tax-Free said in March they would study this use. Wallet security, identity verification, anti-money-laundering compliance, and conversion into visitors’ currencies remain unresolved.