[2017-09-29] Japan is fast becoming the powerhouse of the bitcoin market

[aysha9872]

As China cracks down, Japan is fast becoming the powerhouse of the bitcoin market

A decision by Japanese authorities is helping the country cement its place as a driving force for bitcoin, at a time when China is turning its back on virtual currencies.

On Friday, Japan's Financial Services Agency (FSA) officially recognized 11 companies as registered cryptocurrency exchange operators. The registration places several requirements on the companies, such as building a strong computer system and checking the identity of users to prevent money laundering. These regulations are intended to protect investors from fraud and other abuse, while supporting financial technology innovation.

One of the registered companies is bitFlyer, which has more than 800,000 users, according to the firm. The company's CEO, Yuzo Kano, said the new rules cements Japan's position as the epicenter for bitcoin.

"Japan has been exploding with demand for both bitcoin trading as well as virtual currency services," Kano said in a press release Friday.

"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."

Blockchain is a digital leger that is dispersed across networks. It is used in the cryptocurrency space to securely record every transaction between users.

https://www.cnbc.com/2017/09/29/bitcoin-exchanges-officially-recognized-by-japan.html

[Rahar02]

It's funny when stated Japan and its currency become the most traded currency with bitcoin.
But Korean exchanges such as Bithumb and Coinone have bigger trading volume compare to Japan exchange such as Bitflyer.
But, we do agree about Japan as the powerhouse of bitcoin market, bitcoin as legal payment, registered cryptocurrency exchange and many business and companies that accept bitcoin payment.

[BitHodler]

I like how Japan is doing, but I don't really like the term Bitcoin powerhouse. It indirectly tells that they are more or less a main factor, and that's not the case. In the same way that China back in the days wasn't the main factor.

That being said, Japan will definitely function as an example of how a country should be treating the crypto industry. It's quite annoying that certain countries directly take a defensive position.

I am quite sure that it can greatly improve any economy in the very long term. However, if we look at how governments operate, it clearly shows that they aren't waiting for an improved economy, and that's the shocking reality.

[TravelMug]

I like how Japan is doing, but I don't really like the term Bitcoin powerhouse. It indirectly tells that they are more or less a main factor, and that's not the case. In the same way that China back in the days wasn't the main factor.

That being said, Japan will definitely function as an example of how a country should be treating the crypto industry. It's quite annoying that certain countries directly take a defensive position.

I am quite sure that it can greatly improve any economy in the very long term. However, if we look at how governments operate, it clearly shows that they aren't waiting for an improved economy, and that's the shocking reality.

Or more or less controlling and manipulating the market. I agree, Japan is leading the way for bitcoin and other country should follow what Japan has already set. Look at China now, after several years of enjoying bitcoin, made a sudden turn for the worst. But who are affected? The bitcoin community inside the Great Wall. Mt. Gox has already totally forgotten by the Japanese government that's why they move so fast regarding bitcoin industry as if  trying to catch up the lost time post Mt. Gox.

[1Referee]

I am quite sure that it can greatly improve any economy in the very long term. However, if we look at how governments operate, it clearly shows that they aren't waiting for an improved economy, and that's the shocking reality.

Governments are afraid of the fact that they will no longer be in control of people with Bitcoin's decentralized nature. It's actually quite simple, you control people's finances, and you'll basically control the entire world. Banks are nothing more than an extended arm of the government which they use to make people believe that this is the only way of storing wealth, etc. Bitcoin breaks through this system and that's something the governments are very well aware of - no wonder they aren't very open minded to allow such technologies to gain ground.

[LeoEspansq]

I am quite sure that it can greatly improve any economy in the very long term. However, if we look at how governments operate, it clearly shows that they aren't waiting for an improved economy, and that's the shocking reality.

Governments are afraid of the fact that they will no longer be in control of people with Bitcoin's decentralized nature. It's actually quite simple, you control people's finances, and you'll basically control the entire world. Banks are nothing more than an extended arm of the government which they use to make people believe that this is the only way of storing wealth, etc. Bitcoin breaks through this system and that's something the governments are very well aware of - no wonder they aren't very open minded to allow such technologies to gain ground.

The Chinese government has already tried to control bitcoin. But they did not succeed, bitcoin has already infiltrated the lives of citizens. I hope that Japan will not try to control or prohibit the crypto currency

[darkangel11]

It was to be expected after Chinese bans. Japan was quick to accept it, but it didn't have everything ready. Not enough exchanges, those that came up weren't popular anywhere outside Japan, not enough merchants accepting it...
Now a Chinese investor who has millions in BTC can just jump on a plane, rent a flat in Japan and go back to trading. Japan will earn a lot in revenue thanks to Chinese regulators.

[hatshepsut93]

Japan has been the major force behind this Bitcoin rally since the beginning of current year and I think it makes a lot of sense that one of the most technologically advanced countries in the world embraces a cutting edge digital technology. Lets just hope that after some time we won't start hearing some rumors that "Japan wants to ban Bitcoin" like it happened in 2014 when China was representing a huge amount of trading volume. I would rather see Bitcoin traded against all world currencies and assets in their respective proportions to avoid being too dependent on some single country. And the same goes for mining.

[Snaic]

Now, after the information that China intends already today, October 1, legislatively regulate the circulation of the crypto currency, rather than ban it, as previously stated, China will have to win back lost positions in the crypto currency market. This price for ill-considered actions. Now China has to fight for leadership with Japan. In general, it is very good for crypto currency.