Japanese Duty-Free Partners with UPBOND to Support JPYC Tax Refunds for Visiting Tourists Starting November 1

According to CoinPost, Japan Tax-free announced on October 29 that its refund service “JapanRefund” will begin supporting foreign visitors to receive tax refunds in the Japanese yen stablecoin JPYC starting November 1. Wallet infrastructure is provided by UPBOND, with funds dispatched via Avalanche C-Chain. November 1 also marks the transition to Japan Tax-free’s “refund method” system. Tourists must first purchase goods at tax-inclusive prices. Upon departure, customs verifies that the items are being taken out of the country, after which Japan Tax-free completes the reconciliation process before disbursing funds to the tourists’ wallets. JPYC maintains a 1:1 peg to the Japanese yen and is categorized as an electronic payment instrument under Japan’s Funds Settlement Act, rather than a crypto asset. According to the company, direct deposit to wallets reduces intermediary fees compared to credit card payments or international remittances. All disbursement records are stored on-chain, aiding in the prevention of money laundering and unauthorized claims. Merchants are also relieved of handling tourists’ card numbers or account details. Tourists may retain the received JPYC for expenses on their next trip to Japan, or swap it on-chain for other fiat-pegged stablecoins such as USDC. Delivery times, processing fees, and net credited amounts are subject to the terms of service.