Japan To Launch 10 New Bitcoin Exchanges
Japan is about to dominate the bitcoin industry!
Japan has become the world’s most active country in the bitcoin industry. The country just keeps on giving new opportunities for the industry to grow, making cryptocurrencies more convenient to people day by day. Why do you think Japan is very accommodating for cryptocurrencies? Is it because of the country’s advanced characteristic?
As Japan becomes a friendlier place for bitcoin with embracive legislation, over 10 Japanese companies are reportedly launching bitcoin exchanges to capitalize on the growing demand for the cryptocurrency.
According to a Nikkei report, the cryptocurrency industry Japan is about to grow exponentially with over 10 new exchange platforms – trading bitcoin and other virtual currencies – seeking to enter the market.
This frenzied interest among companies vying for a space in the digital currency ecosystem follows significant legal changes that are set to trigger a surge in demand for the cryptocurrency among investors, traders and everyday Japanese civilians.
In March 2016, the Japanese cabinet passed bills to recognize bitcoin and digital currencies as the digital equivalent of money. On April 1, Japan legally classified bitcoin as a recognized method of payment. Late last year, Japanese officials formally decided to end the 8% consumption tax rate imposed on bitcoin buying through exchanges, which is set to go into effect in July this year.
Japanese retailers have taken notice and have already made moves toward accepting bitcoin in the country. A handful of notable partnerships between retailers and bitcoin companies will see up to 260,000 retail storefronts accepting bitcoin by this summer.
A Regulated Industry = Boom
This time last year, Japan’s legislature enacted a bill that will see the regulation of operators of virtual currency exchanges, under the purview of the Financial Services Agency (FSA), the country’s financial regulator.
Exchanges are now required to obtain a special license to operate in the country. CCN has previously reported on the minimum capital and working requirements toward the license.