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Last study conducted by the famous digital marketing group Cyberius revealed that Japan is one of the first Asian countries in terms of acceptance of Blockchain and Cryptocurrency. It indicates in particular the passage by the government of a bill in May 2016 that responds to the digital currency as money.
The data also mentioned the recent research known as Blockchain Implementation in Asia by Agency for Financial Services of Japan (FSA) stating that more than 3.5 million individuals in the country trade in cryptocurrencies and judge cryptocurrencies as their current resources. Data were collected by 17 Crypto Exchanges in Japan, which represents the overall size of the encrypted industry in the nation.
Midori Kanemistu, who is the CEO of Japan's largest cryptographic exchange operator, BitFlyer Inc. was asked by a reporter to comment on the nation's blockchain economy:
"In fact, Japan is the first and only country to have a proper legal system that regulates cryptocurrency trading.This is a big problem.From the law that governs cryptocurrencies, people were worried about what would happen to their money if an exchange were to explode ".
Bitcoin's annual trade volume increased from $ 22 in 2014 to $ 97 in 2017. In addition, FSA also mentioned that Bitcoin's margin, credit and future trading increased from $ 2 in 2014 to $ 543 in 2017.
In addition, the main bank in Japan, Mitsubishi UFJ Financial Group (MUFG), has produced a new blockchain in order to reduce the cost of payments and substantially increase the speed. The main objective of the collaboration between MUFG and Akamai (an American technology company) was to build a large blockchain. The aim is also to build a system that allows one million transactions per second at latencies of less than two seconds.
Lately, the Japanese tax agency, the NTA has unveiled a new vital policy that allows individuals and companies to easily announce their tax returns in cryptocurrency.
Shortly before a month, the FSA also said it would launch a new ICO regulatory framework and, from now on, any company planning to issue a token sale to register with the agency would provide better protection of investors.
The FSA will release the new rule to overcome fraudulent ICOs abroad. The main purpose of the rule will be to "limit individuals" to investments in ICO to protect them.
