Cyberius, a popular digital marketing group, conducted a study in December 2018 which revealed that Japan is one of the top Asian countries in terms of accepting digital coins.
The study also highlighted the recent research known as Blockchain Implementation in Asia by Japan’s Financial Services Agency (FSA). This research found that more than 3.5 million individuals in the country trade in cryptocurrencies.
The data substantiated by 17 crypto exchanges in Japan, reveals the overall size of the crypto industry in the nation. A fair image that citizens much value their cryptocurrencies is understood.
The study cited on the prowess of Japan as –
For the most part, Japan has served as one of the leading nations in Asia when it comes to acceptance of cryptocurrency and blockchain technology. This has been evident from their actions, where on May 2016 the government had passed a bill acknowledging cryptocurrency as money.
The FSA cited that the annual trading volume of bitcoin has increased from 22 million U.S. dollars in 2014 to 97 billion U.S. dollars in 2017. The FSA also mentioned that trading on credit, margins and future of Bitcoin had increased from 2 million U.S. dollars in 2014 to 543 billion U.S. dollars in 2017.
Earlier in 2018, Mitsubishi UFJ Financial Group (MUFG) deployed a blockchain in order to decrease the cost of payments and to increase speed. The press release captured the intuition to allow one million transactions per second at delays of less than two seconds.
The Japanese tax agency, the National Tax Agency (NTA), further streamlined the tax process through a new crucial policy allowing individuals and firms to file their cryptocurrency income tax returns smoothly. The FSA also mentioned that it will launch a new ICO regulatory framework.
The FSA’s ICO venture promises better investor protection. In the wake of fraudulent ICOs abroad, the FSA plans to thwart such risks.
Japan, being a highly tech-savvy nation was one of the forerunners to embrace sophisticated cryptocurrency standards. It also prides itself as a nation bent on bringing well-designed regulations and best crypto experience to its nationals.
It is a definite outcome that Japan leads Asia in enterprising crypto deals. With its current outreach, it may soon outrun the entire world!