Japan rapidly growing in stature and transforming into a global center for blockchain and cryptocurrency firms In spite of the area’s beautiful history– including Mt. Gox, for example– the local authorities envision opportunities with massive potential in these new technologies and in the cryptocurrency industry all over the world. Famous local organizations have already started entering the crypto-space, some of them have also gone onto operate their own cryptocurrency exchange.
Japan’s past with Bitcoin
Whenever the topic of Bitcoin arises, the Mt. Gox incident has to be included. The trading platform which is no longer functioning, to its credits, did indeed make the world’s leading cryptocurrency, very alluring a few years back. Sadly, the platform fell victim to alleged hacks and other peculiarities which daunted its reputation. Although a majority of people perceive Mt. Gox as a black page in the history books, no one can deny the fact that it did create a vibrant crypto ecosystem in Japan.
The demand for more strict regulations has increased, ever since the exchange vanished. Investors were robbed of a significant amount of cash through this exchange, yet the enthusiasm for Bitcoin never faded. Local authorities adopted a proactive strategy to cryptocurrencies rather than banning it. It is quite noteworthy to see that, even the current Coincheck hack has not lowered the positive attitude towards Bitcoin and different cryptocurrencies.
When it comes to regulatory matters, Japan has taken a quite unique approach and some may even argue that the country has been a bit more lenient, in comparison to its neighboring governments like China, India, and also some states in the U.S. A.
Many countries have made it nearly impossible for crypto companies to exist and let alone flourish. The strong backing for this nascent industry brands Japan as a major haven for these types of operations. As per reports, several major local companies have also started infusing into this booming industry using various methods.
Cryptocurrency is being embraced by many Japanese firms
Japan boasts about being home to quite a few technology and financial giants. Rakuten, Line, SBI, DMM, and GMO Internet, are a few amongst those firms. Each and every one of these firms is currently involved in the cryptocurrency space. Right from accepting Bitcoin payments to introducing or operating a trading platform, there are arguably infinite opportunities.
GMO Internet perhaps stands out amongst the lot. The company, given a valuation of $2bn by Bloomberg, is currently active in the mining and exchange business. Moreover, they additionally reported a Bitcoin payroll service for its representatives. In Japan, it will be conceivable to receive some part of your paycheck in Bitcoin. This is quite the novel way to deal with recurring payments.
All of this developments gives further validation that Japan will continue its onward march to transform into a global cryptocurrency hub. Starting with Monex recently acquiring the troubled exchange Coincheck, yet another fascinating development has occurred. The country continues to lead the way and present a plethora of opportunities to the entire world by taking a positive approach towards cryptocurrency regulation, and also showcasing that crypto exchanges and regulations can co-exist in tandem.