A popular digital marketing group, Cyberius reveals a study that suggests that Japan takes the cake amongst Asian countries when it comes to Blockchain and Cryptocurrency adoption. The study especially cites the government’s passage of a bill in May 2016, that refers digital currency as money.
The recent research from Japan’s Financial Services Agency (FSA) dubbed as Blockchain Implementation in Asia is also been used as a data reference for the Cyberius‘ study. Compiled via 17 Crypto Exchanges in Japan, which depicts the overall size of the Crypto Industry in the nation, the data states that more than 3.5million individuals in the country trade in cryptocurrencies and judge cryptocurrencies as their current assets.
The CEO of Japan’s biggest crypto exchange operator, bitFlyer Inc. Midori Kanemistu, stated when a reporter asked him about nation’s blockchain economy:
“Effectively, Japan is the first and only country that has a proper legal system regulating cryptocurrency trading. That’s a big deal. Before the law regulating cryptocurrencies, people worried what would happen to their money if an exchange was to go bust.”
Furthermore, Japan’s annual trading volume of bitcoin has increased from $22 in 2014 to $97 in 2017. In addition, FSA also notes that trading on margins, credit, and future of Bitcoin had increased from $2 in 2014 to $543 in 2017.
Moreover, Mitsubishi UFJ Financial Group (MUFG), a leading bank in Japan has employed a new blockchain product to decrease the cost of payments and basically to increase speed. MUFG collaborated with a U.S. tech company, Akamai for the same, the key aim is to build a system that will enable one million transactions per second at latencies of less than two seconds.
Just recently, Japanese tax agency, the NTA also unveiled vital changes in their policies that will allow individuals and firms to announce their cryptocurrency income tax returns easily and smoothly.
While adoption is on its full swing the FSA also ensures the safety of consumers/investors as well. In order to regulate ICOs, a new regulatory framework was employed that necessitates companies planning to release a token sale to firstly register with the agency. To further avoid fraudulent activity, the FSA will be releasing a new rule that will “limit individuals” investment in ICOs to protect them. Quite similar to one employed by Russia’s Lawmakers.