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A famous group of digital marketing, Cyberius reveals a study that suggests that Japan takes the cake among Asian countries when it comes to adopting Blockchain and Cryptocurrency. The study cites in particular the passage of government law in May 2016, which refers to the digital currency as money.
Recent research by Agency for Financial Services of Japan (FSA) dubbed Blockchain Implementation in Asia has also been used as a reference for data Cyberius& # 39; she studies. Compiled through 17 Crypto Exchanges in Japan, which describes the overall size of Crypto Industry in the nation, data state that more than 3.5 million individuals in the country trade in cryptocurrencies and judge cryptocurrencies as their current resources.
The CEO of Japan's largest encrypted exchange operator, bitFlyer Inc. Midori Kanemistu, said when a reporter asked him about 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 ".
In addition, the annual bitcoin trade volume in Japan increased from $ 22 in 2014 to $ 97 in 2017. In addition, the FSA also notes that Bitcoin's margin, credit and future trading increased from $ 2 in 2014 to $ 543 in 2017.
In addition, Mitsubishi UFJ Financial Group (MUFG), one of the leading banks in Japan, used a new blockchain product to reduce the cost of payments and substantially increase the speed. MUFG has collaborated with a US technology company, Akamai for the same, the main goal is to create a system that allows one million transactions per second at latencies of less than two seconds.
Just recently, the Japanese tax agency, the NTA has also revealed vital changes in their policies that will allow individuals and companies to announce their tax returns in cryptocurrency easily and smoothly.
While the adoption is in full swing, the FSA also guarantees the safety of consumers / investors. In order to regulate the ICOs, a new regulatory framework has been used which requires companies wishing to issue a sale of tokens to register first with the agency. To further prevent fraudulent activities, the FSA will issue a new rule that will limit "individual" investments in ICOs to protect them. Quite similar to that used by Russian lawmakers.
To learn more: China observes an increase in bitcoin demand
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