Will Japan’s crypto-friendly environment be the start of the country’s mass adoption of cryptocurrency and blockchain?
Japan is considered the third-largest economy in the world. Nevertheless, its perspective regarding cryptocurrency and its utilization in the world market still remains cautious. The past week, however, became an aggressive week for trading in the country. Collaboration with some of the major agencies resulted in the establishment of several new businesses. This is a great opportunity now that the country is establishing a crypto-friendly environment.
Rakuten, Yahoo Japan launch its own scheme
Huge enterprises such as Rakuten and Yahoo Japan are rumored to have introduced their own systems in the industry. For cryptocurrency and blockchain technology consultants, this came as a delightful surprise. Industrial experts believe that the latest developments are committed to transforming the situation and would highly benefit the people and the industry.
Japan’s burgeoning mass adoption of cryptocurrency has been accepted by most businesses due to the increased payment options from different sectors. This Asian country has taken the lead in the outlining of cryptocurrency regulations. As one of the biggest economies in the world, Japan needs to keep abreast of the latest trends with respect to the cryptocurrency industry.
Seeking the aid of the upcoming G20 summit
The approaching G20 summit is expected to be a monumental platform for the nation. It will demonstrate its acceptance of digital currency as it eradicates fundamental barriers. Tokyo is in fact, looking forward to persuading the international community to draft strict guidelines. This is intended for the advancement of the cryptocurrency industry to make it more acceptable across the country.
According to the Japanese financial watchdog:
“The number of companies that have shown interest in launching operations as virtual currency operators in Japan (including preliminary consultation/ inquiries regarding registration) is now over 140 since March 2018.”
Rakuten Wallet Co. Ltd.
Rakuten is one of the major e-commerce platforms in the world. The Regulatory Services Agency (RSA) awarded the company the license to exchange cryptocurrency. It replaced the unlicensed exchanged platform called Everybody’s Bitcoin on March 1, 2019.
Its chief objective is to establish an extremely secure digital assets exchange as Japan begins to build a crypto-friendly environment. It will be more convenient for users to conduct crypto trading activities and transactions.
Everybody’s Bitcoin was providing its financial services to over 30 countries in different regions worldwide with approximately 1.3 billion members.
Yahoo Japan is poised to inaugurate a business in May and has already begun accepting accounts. It is reported to have plans of instituting a crypto exchange this year. It already acquired a 40% stake in Taotao, formerly known as the Bit Arg exchange licensed by the Financial Services Agency (FSA).
DeCurret Co. Ltd.
DeCurret Co. Ltd. pronounced as “Dikalet”, is a cryptocurrency agency based in Tokyo. Its operation started this month, with accounts that are already established. It has an approximate capital of 5.2 billion yen with account acceptance that started on March 27. The company’s stock exchange service will commence on April 16 of this year. Aside from BCH, BTC, and ETH, DeCurret will also handle Ripple (XRP) and Light Coin (LTC) totaling 5 different cryptocurrencies in its exchange.
Regardless of the latest downturn in the value of bitcoin and altcoins, the unfriendly market conditions did not dull the enthusiasm of different companies that seek to launch business operations in Japan’s crypto-friendly environment.