The Open House Group, a leading real estate firm listed on the Tokyo Stock Exchange, has recently expanded its cryptocurrency payment options to include XRP, SOL, and DOGE. This move adds to the existing Bitcoin (BTC) and Ethereum (ETH) payment options, making a total of five digital currencies accepted on the platform.
As the fifth-largest real estate company in Japan by revenue, Open House’s decision reflects a growing trend in the country’s property sector towards embracing crypto payments. Emi Yoshikawa, a former Ripple executive, announced the news on X, emphasizing the significance of this development.
Through its “Open House Global” portal, Open House Group aims to facilitate international property purchases in Japan by providing crypto payment information and multilingual support for a global clientele. This initiative could potentially set a precedent for mainstream crypto transactions in high-value purchases, encouraging other businesses in Japan and globally to follow suit.
Japan’s regulatory environment has been adapting to accommodate the increasing adoption of cryptocurrencies. The country has established clearer guidelines for crypto businesses, and the Financial Services Agency has proposed significant updates to the Payment Services Act to regulate stablecoins and cryptocurrencies more effectively.
The proposed changes include diversifying stablecoin reserves, allowing trust companies to hold up to 50% of reserves in term deposits and government bonds while maintaining a one-to-one backing. This would enhance investor protection and address concerns related to exchange collapses by mandating onshore custody of spot digital assets and stablecoins.
Additionally, a new category of intermediaries may be introduced to act as brokers between clients and crypto exchanges without needing to register as exchanges themselves. This streamlined process would still maintain regulatory oversight on asset and risk disclosures.
In parallel, the ruling Liberal Democratic Party in Japan is considering a proposal to introduce a 20% tax rate for crypto investments, aligning them with stocks and other financial products. As more established companies like Open House embrace cryptocurrencies and government policies become more crypto-friendly, the path is paved for wider adoption and use cases in Japan’s property market and beyond.