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Japanese e-commerce giant Mercari will allow users of its platform to purchase in-app listed products using Bitcoin (BTC). Local reports indicate that Bitcoin transactions will occur through Mercari’s crypto exchange subsidiary, Melcoin, starting in June.
Mercari will display the prices of items in Japanese yen, but buyers can pay for them using Bitcoin. Conversely, the Bitcoins will be converted into fiat through the crypto exchange partner, allowing sellers and vendors on the flea market app to receive payments in the local currency.
The recent move cements Mercari as a crypto-oriented business. The platform has a crypto trading service in place that lets its users sell Bitcoin using their sales proceeds. Users can also swap points earned from its loyalty program for the cryptocurrency.
Payments made available to 22 million monthly users
Mercari is dubbed as one of the largest consumer-to-consumer online marketplaces in Japan. The decade-old marketplace boasts over 22 million monthly users. The adoption of Bitcoin payments cements crypto adoption in Japan, even as the Asian country endears itself as a pro-crypto jurisdiction.
Japan’s ruling party has increasingly pursued a regulatory route to tap into Web 3.0 and play a role in the crypto industry. In June 2022, a law was passed recognising stablecoins as a form of money. Japan’s regulatory framework also requires exchanges to segregate customers from exchange assets. This elaborate regulatory framework saw Japanese users get their money back following the FTX collapse in late 2022.
Lately, Japan adopted a lenient approach towards crypto taxation after ending its controversial unrealised gains tax. The policy change, which takes effect on April 1, 2024, will see entities only taxed when they sell their crypto holdings. The move eases the tax burden and makes crypto investments attractive.
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