Refund

Avalanche

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Japan Tax Free and UPBOND, working with <a href="https://x.com/jpyc_official" rel="noopener noreferrer nofollow">@jpyc_official</a>, will let foreign visitors receive tourist tax refunds in the yen-pegged stablecoin <a href="https://x.com/search?q=%24JPYC&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$JPYC</a> on the <a href="https://x.com/Avax" rel="noopener noreferrer nofollow">@Avax</a> C-Chain. <cite>The service is set to launch on November 1, 2026.</cite>
<h2 id="how-the-refund-system-works">How the Refund System Works</h2>
<cite>Japan Tax Free runs JapanRefund, a service that processes tax refunds for foreign visitors.</cite><cite>UPBOND provides the wallet infrastructure, with refunds delivered via the Avalanche C-Chain.</cite>
The platform pairs Japan Tax Free's national clearing system with UPBOND's built-in wallet software, so tourists with no cryptocurrency experience can create an account at departure gates. <cite>Travelers who already hold a compatible wallet can use it, while those who do not can set one up through UPBOND.</cite>
<cite>Tourists first buy goods at the tax-inclusive price. On departure, customs verify that the items have left the country, and Japan Tax-free then confirms the transaction and sends the refund to the tourist's wallet.</cite><cite>JPYC can be held or converted on-chain to other stablecoins such as USDC.</cite>
<h2 id="timed-with-japan-s-tax-free-rule-change">Timed With Japan's Tax-Free Rule Change</h2>
The launch coincides with a change in national policy. <cite>November 1 is also the date Japan's tax-free system moves to a refund method.</cite><cite>Japan is shifting to a "refund-upon-departure" model.</cite>
On the regulatory side, <cite>JPYC is pegged 1:1 to the yen and, under Japan's Fund Settlement Law, is classified as an electronic payment method rather than a crypto asset.</cite><cite>Tokyo-based JPYC began issuing what it described as Japan's first legally recognized yen stablecoin in October 2025, after registering with the Financial Services Agency as a fund transfer service provider.</cite><cite>All issued tokens are backed by 100% reserves held in yen deposits and government bonds.</cite><cite>The token was initially available on the Avalanche, Ethereum and Polygon blockchains.</cite>
Backers of the on-chain approach say it can cut costs and delays. <cite>The service aims to reduce intermediary fees and enhance transparency.</cite> For <a href="https://x.com/search?q=%24AVAX&amp;src=cashtag_click" rel="noopener noreferrer nofollow">$AVAX</a>, the rollout is a concrete payments use case for a yen stablecoin, tied to a nationwide change in how tourists claim refunds in Japan.
Sources:
<a href="https://cryptobriefing.com/japan-tax-refunds-jpyc-avalanche/" rel="noopener noreferrer nofollow">Crypto Briefing: Japan's tourist tax refunds will be paid in JPYC on Avalanche</a>
<a href="https://www.kucoin.com/news/flash/japan-tax-free-partners-with-upbond-to-offer-jpyc-refunds-to-tourists-from-nov-1" rel="noopener noreferrer nofollow">KuCoin News: Japan Tax-Free partners with UPBOND to offer JPYC refunds</a>
<a href="https://www.ledgerinsights.com/jpyc-stablecoin-launches-in-japan-has-a-fraud-compensation-policy/" rel="noopener noreferrer nofollow">Ledger Insights: JPYC stablecoin launches in Japan</a>

Japan Tax Free and UPBOND to Pay Tourist Tax Refunds in JPYC on Avalanche From November 1

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