Despite the crypto market's downturn, new platforms are still making big moves and adding value to the Web3 scene. STEPN adds value with its innovative app that tracks a user's physical activity and helps users earn rewards. The [STEPN app](https://stepn.com/) and community are powered by the Green Metaverse token, which serves as its governance token.

The platform launched in late 2021, and its user base skyrocketed in the first few months of 2022. As a result, its governance token, GMT, grew in value and became a coin worth purchasing for crypto traders looking for promising projects. Let's review the STEPN ecosystem and how to get the Green Metaverse token.

## The lifestyle app

STEPN aims to connect millions to a healthier lifestyle, aid in the fight against climate change, and connect the public to Web 3.0 via built-in [Game-Fi ](/news/article/what-is-gamefi) and Social-Fi elements. The platform was developed on the Solana blockchain by Jerry Huang and Yawn Rong, who designed it as a "[move-to-earn](/news/article/blockchain-use-cases)" app and finished fourth out of more than 500 applications at the [Solana Ignition Hackathon](https://solana.com/news/solana-ignition-hackathon-winners).

The app's distinct value is "incentivisation", which distinguishes it from other fitness platforms. Users are motivated to exercise and participate in physical activities because they will be rewarded for doing so.

The first step to using the platform is purchasing NFT sneakers from its marketplace. Users are expected to buy a sneaker appropriate for one of four types of activity. It's also worth noting that STEPN tokens are earned when a user's speed falls within the range of the activity they choose. That is, the NFT sneaker for running will not earn STEPN tokens if used to walk.

Users will first receive the game's utility token, the Green Satoshi token (GST). Once their sneakers reach level 30, they will be able to earn the GMT governance token.

## What is the Green Metaverse token?

The Green Metaverse token powers the STEPN ecosystem as the governance token. Users begin by earning GST, which can be used to level up sneakers, open mystery boxes, and upgrade rewards.

GMT will allow users to advance to new levels, increase GST earnings, and vote on business decisions that directly affect STEPN's future. GMT has a fixed supply of 6 billion coins, with only 10% in circulation. It should be noted that approximately one-third of Green Metaverse tokens can be obtained through "move-to-earn" rewards.

If you want to buy GMT, you can do so on OKX, Bybit, CoinTiger, and Binance. Green Metaverse tokens can also be purchased with Bitcoin or Ethereum. Users can also trade GMT by signing up for STEPN and reaching the app's set milestone.

Through its move-to-earn model, the STEPN app aims to promote a healthier and more environmentally friendly way of life. Because of the incentivization concept, GMT has become a solid investment in the eyes of crypto investors.

green image of metaverse with stepn token logo in centre

Green Metaverse token: A guide to STEPN

The global crypto crisis in recent months has sent shockwaves throughout various industries - especially the financial sector. 

More often than not, the infrastructure of crypto technology itself was blamed. However, Japanese crypto and finance experts have suggested otherwise, putting pressure on global financial regulators to monitor the industry properly.

One of the [major statements](https://www.bnnbloomberg.ca/japan-pushes-global-counterparts-to-regulate-crypto-like-banks-1.1870854) came from the deputy director-general at the Financial Services Agency's Strategy Development and Management Bureau, Mamoru Yanase. He believes that crypto should be regulated just like any other financial institution on a global level.

"What's brought about the latest scandal isn't crypto technology itself," said Yanase, with regard to FTX's failure in the US and Japanese crypto markets. "It is loose governance, lax internal controls, and the absence of regulation and supervision."

Financial experts from the US are mainly of the opposing opinion, as they consider crypto an inadequate technology - one that's not sustainable for the long term. However, the Japanese crypto viewpoint considers the industry to be of immense significance - only lacking the vigilant and proactive regulation that such a large industry requires.

This entire discussion is based on the [FTX case](/news/article/ftx-bankrupt-who-to-blame) that's been going on since November. The fallout from FTX sent the entire crypto industry into an unforeseen frenzy. And, looking back at it now, it was probably the lack of supervision and control that led to the whole mess in the first place.

## Sale of FTX’s Japanese crypto branch imminent

Mamoru Yanase also touched upon the sale of FTX Japan, as the crypto company went bankrupt last year. He mentioned how the Financial Services Agency has helped to "segregate client's assets" from FTX Japan's account to ensure their safety. 

Furthermore, he added that clients would be able to withdraw their assets from their FTX Japanese crypto accounts as early as February.

As per a report from [Cointelegraph](https://cointelegraph.com/news/japanese-regulators-want-crypto-treated-like-traditional-banks) based on a recent court filing in the US, there were 41 parties interested in buying out FTX Japan.

It only makes sense to put in place controls and regulations for crypto transactions, like those for the banking sector globally.

This must be done to avoid future issues like money laundering and stealing of assets. Otherwise, a proper revival of the crypto industry seems far off from happening any time soon - at least in the eyes of Yanase.


japan backgound in yellow with Mamoru Yanase

Japanese Crypto Regulation Call Made

Japanese mobile operator [NTT Docomo](https://www.docomo.ne.jp/english/) is one of the leading names with the largest market share in the country. It has decided to work with the multi-chain [smart contract](/news/article/smart-contracts-blockchain), Astar Network. The partnership is likely to help establish a Japan [web3](/news/article/web3-games-raised-millions) consortium. 

This initiative aims to provide crypto users with an opportunity to use tokens for governance and will promote the adoption of web3 infrastructures.

## Transforming Japan's web3 ecosystem

The joint forces of NTT Docomo and [Astar Network](https://astar.network/) will focus on solving societal problems, especially environmental ones. Implementing a Decentralised Autonomous Organisation ([DAO](/news/article/daomaker-guide)) will be the primary goal.
 
These firms will use this iteration of web technology to bring forth solutions for environmental problems and regional development. They plan to analyse the available case studies in this area and formulate a roadmap to enhance technology use further. 

Docomo brings an in-depth knowledge of societal problems. On the other hand, Astar's platform has the developing next iteration of the internet's infrastructure that can be deployed for transformational blockchain projects. It will help fill the educational gap for the usage of cryptocurrencies and promote web3 adoption. 

## Views of Astar's CEO

Sota Watanabe, the CEO of Astar, believes that in the context of web3 adoption, more projects introducing infrastructures with better user experience and accessibility are essential. Moreover, he also maintained that this technology should not only be for professionals and developers. Instead, the general public should be able to benefit from it. 

Japan is currently focusing on the promotion of digital assets in the country. The Ministry of Economy, Trade, and Industry (METI) is working to strengthen the industry. For this reason, they also introduced [tax reforms](/news/article/crypto-tax-japan-reforms) for crypto users. With the establishment of a web3 consortium, the country will be moving further towards mainstream adoption of crypto assets. 




NTT Docomo to establish Japan’s web3 consortium

The Japanese government plans to upgrade its cryptocurrency taxation laws for the fiscal year 2023. The country’s Ministry of Economy, Trade, and Industry (METI) and the Financial Services Agency will be introducing reforms for crypto-asset corporations’ growth. This move is aimed at strengthening startups in the country.

One of Japan’s news agencies [reported](https://www.yomiuri.co.jp/economy/20220824-OYT1T50011/) about the changes in the laws. With the implementation of these reforms, Japanese corporations dealing in virtual currencies are likely to get over 20% relief. 

## Suggested changes by JCBA and JVCEA

Earlier, two major digital asset advocacy groups [shared a proposal](https://cryptocurrency-association.org/cms2017/wp-content/uploads/2022/08/JCBA_taxreform2023_press-7.pdf). Now, laws for crypto tax in Japan might see reforms. The Japan Crypto-Asset Business Association (JCBA) and the Japan Crypto-Asset Exchange Association (JVCEA) campaigned to lower corporate cryptocurrency taxes. 

The proposal demanded creating ease for tax filers. They proposed that improvements are necessary to support the web3 and blockchain industry in the country. 

## Amendments in crypto tax in Japan

Here are some of the proposed amendments to crypto tax in Japan for the year 2023: 

1.	The new law will lower the tax on digital assets from 55% to only 20% for startups.

2.	Taxes will not be applied to unrealised gains on digital assets at the end of the fiscal period.

3.	Only Profits that are generated from trading will be taxed.

4.	Firms will have the option of carrying losses for the following three years.

5.	The laws will apply not only to cryptocurrencies but also to their derivatives.  

## Remarks from Hiroshi Mikitani

Prior to this news, the president of Rakuten Group shared his thoughts on the matter at a conference. While admitting the harsh regulations on virtual currencies, Hiroshi Mikitani said, “it’s stupid to start a business in Japan”. 

He also mentioned that firms should move their operations to other countries because of the regulations. In the last year, [crypto tax evasion](/news/article/crypto-tax-japan) has been a significant concern for the Japanese government, carrying out large-scale investigations in the Kanto region and other areas. 



Crypto Tax: Japan plans for significant reforms

Blockchain use cases grow as the technology enters new domains. The tokenised and reward-based system increases its applications and helps bring positive societal changes.

One such application of blockchain is move-to-earn. These applications encourage people to walk more and earn tokens as incentives.

Recently, [STEPN](https://www.stepn.com/) has risen in popularity among the move-to-earn apps. It is a Web3-based lifestyle app that includes GameFi as well as SocialFi. It is one of the notable use cases as it is built with the idea of promoting a healthy lifestyle.

## Tokenomics of STEPN App

Its tokenomics involves two tokens; Green Satoshi Token (GST) and Green Metaverse Token (GMT). You can earn GST through the games, whereas GMT is a governance token you can get through events or earn after crossing 30 levels. 

You also have non-fungible tokens (NFTs) as your sneakers. Initially, you have to purchase sneakers to start walking, jogging, or running with STEPN. They have different types and attributes that help with the game modes. Also, you can burn your GSTs to upgrade or mint sneakers.

## Mainstreaming STEPN in Japan

Recently, STEPN has been working to spread the use of the app in Japan. For this reason, it is looking to partner up with the LINE blockchain. LINE is one of the known Japanese tech corporations for decentralised application development. It has agreed to work with the fitness lifestyle app to bring it to the mainstream in Japan. 

Find Satoshi and LINE Xenesis have signed an MOU to introduce STEPN in the Japanese market. It is an already popular app in the country, and this agreement will further help promote it throughout Japan. 

The CEO and Representative Director of LINE Xenesis, Lim Inkyu, has shared his thoughts about this development. He believes the app is an ideal example of Web3 usage in the real world. He also mentioned that this collaboration might lead to more blockchain and Web3 use cases for the people of Japan.


Blockchain Use Cases: Move-to-Earn Apps

MTax authorities in Japan have been investigating tax evasion of cryptocurrency transitions. The numbers have been up for discussion as a whole lot of people have been reporting lower gains than they actually made.

The National Tax Agency has already investigated a grand total of 1600 people this year. They were checking into the claims from last tax season, according to the Nikkei Asian Review . After that, about 250 more cases will be investigated. These investigations will continue through the next year as well.

## Failing to File Means Penalties

Cryptocurrency exchanges in Japan are obligated to file user tax reports by February 15th of every year . If you fail to do so, it’s possible that you’ll face penalties or even jail time if proven guilty.

Japanese authorities carried out a large-scale investigation in the Kanto region, including cities such as Saitama, Tochigi, Gunma, Niigata and Nagano. They found that only about 20% of cryptocurrency investors reported their gains or losses on crypto assets.

This was possible through a new system where exchanges match up data supplied by users and what they actually owe to the government.

More [Business news](/news/category/crypto-business-news).

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