Japan's MLIT: Researching Use of Stablecoins for Consumption Tax Refunds for Inbound Visitors

On October 21, according to CoinPost, Japanese Minister of Land, Infrastructure, Transport and Tourism Tatsuo Iibori, in his address before the House of Representatives Land, Infrastructure, Transport and Tourism Committee, stated that he would explore introducing stablecoins into the consumption tax exemption system for foreign tourists visiting Japan. He also referred to the "refund method," under which taxes are returned upon confirmation of departure, adding that initiatives would be advanced from the user's perspective.

According to the Japan Tourism Agency, Japan's tax-free system will shift to the refund method for purchases made on or after November 1: tourists pay the tax-inclusive price for goods and receive their consumption tax refunds upon exiting the country within 90 days of purchase, following customs certification of export. The refunds will be handled by duty-free shops or authorized refund agencies.