Open House Group Expands Crypto Payments, Adds XRP, SOL, DOGE

Open House Group, a leading real estate firm listed on the Tokyo Stock Exchange, has broadened its cryptocurrency payment options to include XRP, SOL, and DOGE. This expansion brings the total number of accepted digital currencies on the company’s platform to five, alongside the previously supported Bitcoin (BTC) and Ethereum (ETH).

As Japan’s fifth-largest real estate company by revenue, Open House’s decision reflects a growing trend in crypto payments and adoption within the country’s property sector. Emi Yoshikawa, a former Ripple executive, emphasized the significance of this development, highlighting the potential for mainstream crypto transactions in high-value purchases. This move could encourage other businesses in Japan and globally to adopt similar payment methods, further legitimizing cryptocurrencies as a viable option for significant transactions.

Open House Group aims to facilitate international property purchases in Japan through its “Open House Global” portal. The portal now offers crypto payment information and multilingual support to cater to a global clientele, making it easier for international buyers to engage in real estate transactions using digital currencies.

Japan’s regulatory environment has been evolving to accommodate crypto adoption. The country has implemented clearer guidelines for crypto businesses, and the Financial Services Agency recently proposed significant updates to the Payment Services Act. These updates introduce new regulations for stablecoins and cryptocurrencies, aiming to diversify stablecoin reserves and enhance investor protection. The proposed changes would allow trust companies to hold up to 50% of reserves in term deposits and government bonds while maintaining a one-to-one backing. This would enable regulators to mandate onshore custody of spot digital assets and stablecoins by exchanges, addressing concerns raised by past exchange collapses.

The bill also introduces a new category of intermediaries that can act as brokers between clients and crypto exchanges without registering as exchanges themselves. This streamlines the process while maintaining regulatory oversight on asset and risk disclosures. Additionally, a proposal by Japan’s ruling Liberal Democratic Party (LDP) is being discussed 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 continue to pursue a more crypto-friendly stance, it could pave the way for wider adoption and use cases in Japan’s property market and beyond. This regulatory friendliness is likely to encourage more companies to follow suit, further integrating cryptocurrencies into everyday transactions. The acceptance of DOGE, SOL, and XRP by Open House Group is a testament to the increasing legitimacy of these digital currencies in the financial world. As more businesses adopt cryptocurrencies, it is expected that the overall acceptance and usage of these digital assets will continue to grow, potentially leading to more innovative financial solutions in the future.