Japan’s Finacial Services Agency (FSA) announced last Friday that they are endorsing 11 different cryptocurrency exchanges. This sets Japan on a path to becoming the headquarters for everything Bitcoin, especially since China recently crippled their crypto market by banning exchanges. This means Japan now represents one of the most cryptocurrency-friendly countries in Asia.
Also read: India’s Multi-Currency Exchange Will List Bitcoin Cash in Two Weeks
Bitflyer CEO Comments on Japan’s Pro-Bitcoin Attitude
One of the exchanges the FSA endorsed was Bitflyer, which is the largest Bitcoin exchange in Japan. This is momentous news for trading volume and Bitcoin adoption in the country. In a press release, Bitfyler CEO Yuzo Kano, elaborated on the situation:
“Japan has been exploding with demand for both Bitcoin trading as well as virtual currency services. The FSA’s approval for bitFlyer to operate as a Registered Virtual Currency Exchange, and the agency’s openness and forward thinking regulation could not come at a better time for the Blockchain space.”
The bitFlyer press release stated the company will continue to leverage its 800,000 strong user base to grow the Bitcoin ecosystem in Japan and around the world. To view bitFlyer’s official exchange registration documentation click here: bitFlyer-Virtual-Currency-Exchange-Registration
Other Recent Bitcoin News Out of Japan
Overall, Japan has been a leader for greater Bitcoin and cryptocurrency adoption. Back in April, they made Bitcoin into a nationally accepted legal currency. Ever since then, a multitude of companies have began accepting the digital currency. One of Japan’s largest travel agencies even started taking Bitcoin through bitFlyer. H.I.S. Co. Ltd adopted it on September 23. Kevin Helms, writing for news.Bitcoin.com, covered this last week:
H.I.S. Co. Ltd will start accepting Bitcoin payments on September 23 through bitFlyer, as announced by both companies on Tuesday. The transaction amount for purchases will be limited to the equivalent of 2 million yen.
There is more incoming news, though. According to the bitFlyer press release, a consortium of 120 Japanese banks will begin exploring different ways to upgrade their banking infrastructure for Blockchain technology application. Various sources are saying this new infrastructure will use the J-coin cryptocurrency.
An MIT article talked about J-Coin, saying, “The idea for J-Coin is that it would sit alongside the Japanese yen, exchanged at a one-to-one rate, and be offered as a free service. In return, the banks that operate it would get detailed data on how people use it (as we’ve discussed before, that will indeed make people easier to track).”
Japan and Bitcoin’s Future
The aforesaid news sets the stage for Japan’s transition into the largest and friendliest Asian player in the cryptocurrency market. This occurred after China lost trading volume as a result of its crackdown on both ICO’s and exchanges. This catapulted Japan forward as an Asian leader in the cryptocurrency ecosystem.
A Reuters article mentioned Japan’s growth and its relation to recent surges in bitcoin’s price: “Trading in bitcoin and other cryptocurrencies among Japanese investors has gained momentum this year, helped by the legal recognition as well as spectacular surges in the price of Bitcoin and Ethereum.”
What do you think about Japan endorsing these cryptocurrency exchanges? Will Japan remain the friendliest Asian Bitcoin market? How big is this news? Let us know in the comments below.
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