Japan Tax-free partners with UPBOND to support JPYC tax refunds for visitors to Japan starting November 1

TechFlow news, October 29, according to CoinPost, Japan Tax-free announced on October 29 that its tax refund service 'JapanRefund' will allow foreign visitors to Japan to receive tax refunds in the Japanese yen stablecoin JPYC starting November 1. Wallet infrastructure is provided by UPBOND, and payments are sent via the Avalanche C-Chain. November 1 is also the date when Japan's tax-free system switches to a 'refund method'. Visitors must first purchase goods at tax-inclusive prices, have customs confirm that the goods are taken out of the country upon departure, and then have Japan Tax-free complete verification; the refund will then be sent to the visitor's wallet. JPYC is pegged 1:1 to the Japanese yen and is classified as an electronic payment instrument under Japan's Payment Services Act, not as a crypto asset.

According to the company, direct wallet payouts can reduce intermediary fees compared with credit cards or international remittances. All payout records are stored on-chain, helping prevent money laundering and improper claims. Merchants also do not need to handle visitors' card numbers or account information. Visitors can continue to hold the JPYC they receive for spending during future trips to Japan, or swap it on-chain for other stablecoins such as USDC. Settlement times, fees, and final received amounts are subject to the service terms.

Source: TechFlow