Blockchain provider Fireblocks sets up office in Japan to support institutional adoption

As Japan signals its plans to become a leader in institutional blockchain adoption, Fireblocks opens a regional office in Tokyo to support the country’s expanding ecosystem. Crypto custody and blockchain infrastructure provider Fireblocks has opened a new office in Tokyo as part of its strategy to expand in the Asia-Pacific region, the firm said in a blog post. The move comes as Japan is seeing rapid growth in its crypto market, with projections indicating a 54% increase from 2024 to 2032, Fireblocks explained. Fireblocks’ head of APAC, Amy Zhang, says the Tokyo office will help Fireblocks to hire more staff in 2025 to support Japanese businesses. The company is also planning to form partnerships with various web3 companies and financial institutions to strengthen its position in the region. You might also like: Chainalysis: ETH scams linked to Japanese crypto exchanges drop 69% in H1 2024 Commenting on the office launch, Fireblocks chief executive Michael Shaulov said the firm aims to meet the specific needs of the Japanese market and “ensure Japanese enterprises harness the full potential of blockchain technology in a secure and scalable way.” Fireblocks’ expansion into Japan aligns with the Japanese government’s recent commitment to include cryptocurrency tax cuts in its upcoming economic stimulus package. The initiative, which is set to raise tax-free income thresholds and lower taxes on crypto assets, was proposed by the opposition party, the Democratic Party for the People. As crypto.news reported earlier, these tax reforms aim to make Japan’s tax system more supportive of digital asset growth, with some proposals looking to reduce crypto taxation to match the 20% rate on stock profits. Read more: Fireblocks announces startup-focused blockchain starter toolkit