Japan is set to become the world headquarter for everything Bitcoin (BTC) after their Financial Services Agency (FSA) announced this week that they will endorse 11 different cryptocurrency exchanges. This sets Japan on the path to becoming one of the most crypto-friendly countries in Asia.
Over the years Japan has been a major leader in Bitcoin and cryptocurrency adoption, accepting Bitcoin as a nationally accepted legal currency in April 2018. Since then, a growing number of companies throughout Japan have been accepting the cryptocurrency.
One of the 11-cryptocurrency exchanges that the FSA has endorsed is Bitflyer, which is the largest Bitcoin exchange in Japan. This decision will prove to be highly momentous for the trading volume and Bitcoin adoption in the country.
Bitflyer CEO, Yuzo Kano, talked about the decision stating,
“Japan has been exploding with demand for both Bitcoin trading as well as virtual currency services. The FSA’s approval for Bitflyer to operate as a registered Virtual Currency Exchange, and the agency’s openness and forward thinking regulation could not come at a better time for the Blockchain space”.
The latest Japanese companies to be awarded cryptocurrency exchange permits from the FSA this week include Rakuten, which is one of the largest e-commerce platforms in the world. Rakuten states that it is hoping to start trading as early as next week after approval for rebranding their company to Rakuten Wallet was accepted.
Yahoo Japan will also make its crypto exchange debut in the upcoming weeks.
Money Partners Group, a foreign exchange trading platform has partnered with Daiwa Securities, the second largest securities brokerage in Japan. Out of their partnership they are intending to launch Blockchain technology-related operations, including an exchange subsidy.
Tokyo based company, DeCurret, has also been granted an operating permit and will begin trading in five Cryptocurrencies, yet to be named, in April 2019.
After these recent advances in regulations passed by the FSA Japan has quickly transitioned into the largest and friendliest Asian player in the cryptocurrency ecosystem.
Akio Kikuchi, cryptocurrency and Blockchain technology consultant, told cryptonews.com,
“The importance of this week just cant be underestimated. Yahoo, Rakuten and so on are very big companies who, until now, have just been taking about and planning their crypto-activities. Now we are going to see some action. Other big Japanese companies are hoping to follow”.