Japan, the land of the rising sun, is the leading nation in crypto currency recognition, directive, and authorization. It aims to become a global crypto currency hub. Currently, it’s a home of a massive base of crypto currency stockholders and users. The booming crypto industry in Japan is distinctive. It can be described as the high hopes of the Japanese for technological progress.
Crypto Currency Status in Japan As of 2018, the median of global trading volume for BTC of Japanese yen has reached 11%. It’s an extra-large sway in relation to people taken individually on the crypto industry. This accomplishment is not far from South Korean won for worldwide trading dominance after the U.S. dollar.
Furthermore, major crypto currency interactions are being recorded by the Financial Services Agency. With this, all banking and investments in the country must be regulated. In this way, the standards in operating every crypto currency exchange would remain in place.
Japanese Regulators and Crypto Currency
A negative outlook for some crypto currencies exists due to some reported scams experienced by those who were unprepared. As an example, Mt. Gox story is regarded as the worst crypto currency hacks in history that happened in February 2014. Cyber criminals took $460 million worth of digital money at that moment.
But, Japan remains eager to let the world realize that a positive approach to crypto currency ruling can bring a lot of opportunities. You can still see the acceptance and enthusiasm of the people for the scheme. In fact, the approved Japanese parliament’s bill that is an evident example. It shows how the country is broadly addressing financial technologies. through virtual currency.
Moving forward, Japanese watchdogs are amongst the most radical government officials in the world. They have started to implement a licensing scheme so that scams can be prevented. The regulatory approach can formalize and monitor crypto currency investments in the country.
Privacy Coin Prohibition
The country’s FSA publicized on June 18 a ruling that there would be a complete veto on privacy coin trading in the country moving forward. This request serves as a way to verify that the users are receiving the funds they’re investing in a lawful manner. The goal is to make the currency scheme safer. There would be a single point of contact between exchange operators and government regulators. This can guarantee a more reasonable crypto interaction for Japanese consumers.
What to Expect in Japan’s Digital Money
The attention in crypto currency remains solid in Japan. The country is the most unconventional in the world when it comes to government sustenance. It’s determined to properly govern the digital currency. With this, more countries would soon realize the benefits by normalizing digital money.
One More Thing Before You Go
The essence of crypto currency remains in the public eye. You can never deny that this scheme functions at the universal level, making every transaction quite stress-free. What others should realize is tight regulations must be met. The right approach would be the best means to protect investors and users of the Blockchain technology.