Japan is quickly becoming a global center for blockchain ventures and cryptocurrency firms. Despite the region’s colorful history–involving Mt. Gox, for example–the local authorities see merit in these new technologies in the global cryptocurrency industry. Major local conglomerates have begun to enter the sector, with some of them operating cryptocurrency exchanges.
Japan’s Checked History With Bitcoin
When people discuss Bitcoin, the topic of Mt. Gox will come up at some point. This now defunct trading platform made the world’s leading cryptocurrency very appealing years ago. Unfortunately, the platform suffered from alleged hacks and other oddities. While many people see Mt. Gox as a black page in the history books, it also created a vibrant crypto ecosystem in Japan.
Ever since the exchange disappeared, the demand for regulation has grown. Investors lost a lot of money through this exchange, yet the interest in Bitcoin never waned. Local officials took a proactive approach to cryptocurrencies rather than banning it. Even the recent Coincheck hack has not diminished the positive attitude toward Bitcoin and other cryptocurrencies.
Japan stands out when it comes to the regulatory aspect. Various other governments – including China, India, and some US states – make it nearly impossible for crypto firms to exist, let alone thrive. The firm support for this nascent industry makes Japan a haven for this type of activity. Even major domestic firms are now entering this booming industry through various means.
Japanese Companies Embrace Cryptocurrency
A fair few technology and financial giants are based in Japan. Among those companies are Rakuten, Line, SBI, DMM, and GMO Internet. Every single one of these firms if currently active in the cryptocurrency world. Ranging from accepting Bitcoin payments to launching or operating a trading platform, the opportunities are virtually limitless.
GMO Internet is perhaps the most intriguing entity of them all. The company, valued at $2bn according to Bloomberg, is active in the mining and exchange industry. Additionally, they also announced a Bitcoin payroll service for its employees. In Japan, it will be possible to receive part of your paycheck in Bitcoin. A novel approach to dealing with recurring payments.
All of this further confirms Japan will continue to quest to become a global cryptocurrency hub. With troubled exchange Coincheck recently being acquired by Monex, another interesting development takes place. The country continues to show the rest of the world how a positive approach to cryptocurrency regulation can open a lot of new doors.
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