Maybe the only memories when the topic ‘Japan and cryptocurrencies’ come up is the collapsed Mt. Gox or the newly Monex-acquired Coincheck. When the two were and are in Japan, their existence and misfortunes should not blind you to see what Japan has become, most probably, because of them. Following the tracks that the country is on right now, it’s evident the country is headed to becoming the world’s blockchain and cryptocurrency hub.
With financial and technology companies like SBI, Line, GMO Internet, and DMM having deep interests in the virtual currency world, whether it’s by trading, launching or being paid using Bitcoin, Japan is not letting go of the cryptos any time soon. GMO Internet recently caught the world’s attention after it announced it will be paying their employees using Bitcoin.
Why are all these companies and others in the crypto business comfortable with Japan? The answer is very simple. When Coincheck and Mt. Gox were hacked and millions worth of cryptos lost, Japan was very tactical. Instead of banning everything cryptocurrency, they tightened the ropes and introduced stringent regulations
By doing so, they ensured everyone who looks at setting up shop in the country has an open platform to deal with virtual currencies without fearing a double standing by the authorities. And the best part is that the regulations are open and documented.
When other countries like India and China are putting up hostile grounds for anyone dealing with the cryptocurrencies, Japan is tapping into the market by introducing conducive regulations needed to ensure a healthy crypto market in the country thus propelling it to becoming the world’s cryptocurrency hub. And maybe, just maybe, the regulations that the crypto market is being subjected to in Japan may one day be the de facto rules in the crypto market globally.
For now, the best we can do is congratulate Japan as it strives to set the bar in the cryptocurrency market.
How close or far do you think Japan is in becoming a global cryptocurrency hub?
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