Does Japan fall behind in the crypto industry ?

[Tony116]

I am sure they do have cryptocurrency exchanges in their country. But we don't hear much about those exchange because of those few exchanges that is dominating the whole crypto market (which is never a good thing...). They are like most of the other countries in the world being quite about it and making their own laws and regulating it. If you notice, you will see that is the States and few other countries that are always loud about crypto currencies.

Japan is known to be the most crypto-friendly Asian country and they have also been using bitcoin for a long time, it can be said that they are the pioneers in the legalization of bitcoin. They're not too loud about creating altcoin projects, but that doesn't mean they don't care about the crypto industry. Maybe they went in a different direction from what we are seeing in the market.

Sakura is a Japanese exchange that was acquired by Binance for them to enter the Japanese market.
https://www.binance.com/en/blog/ecosystem/binance-acquires-jfsa-registered-sakura-exchange-bitcoin-committed-to-enter-japan-under-regulatory-compliance-1479109563632749072

As far as I have heard, the Japanese government is helping their users withdraw their funds from FTX. So I guess they do have strong laws related to crypto currencies that protect their users.

I also saw that news, it can be said that they have strict regulations on the industry so it is not surprising that they are not too noisy in the market with altcoin junk projects.
https://www.coindesk.com/policy/2022/12/02/ftx-japan-plans-to-restart-local-customer-withdrawals/

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[Paul Pogba]

Japanese people have a unique culture because they are very fanatical about their country, the Japanese government implements strict rules and advice to always be vigilant with cryptocurrencies, it's only natural that until now we haven't heard of top exchanges based from Japan, different from other countries that provide convenience such as Singapore, South Korea and others.

[Minecache]

They're not too loud doesn't mean they're lagging, as I know japan has been a pretty open country to crypto for a long time but what I don't like about them is the government taxing relatively high who earn in crypto. But you're right about not having too much fuss, a lot of projects come from Korea, but I also hardly see any projects with Japanese developers behind.
Recently, Binance has officially entered the Japanese market with the acquisition of sakura exchange, hoping that binance can promote the crypto industry to become stronger in Japan.

It may not only too noticeable since there much more other developers in Asia like China and Singapore who widely promote their projects than them. Plus the strict implementation of crypto transactions in them makes them silent about it. But in terms of accepting and having exchanges they have local exchanges that are approve by their regulators where they can buy and sell their crypto. Since Japan is more popular in their Technology advancement as welll tourism and entertainment, the focus of cryptocurrency in their country is not much a talk of the town but we still see they are making progress like having Binance.

Recently, FTX Japan also announced a plan to open the withdrawal function for Japanese investors, it can be seen that they are having very strict regulations for the crypto industry. No country has been able to do this since FTX declared bankruptcy.
Now, I understand why they are not as popular in the market as other countries. Altcoins projects are mostly scams, and disappear after a while and I think Japanese developers don't want to go to jail because of the strict regulations in their country.
https://finance.yahoo.com/news/ftx-japan-plans-restart-local-121210903.html

[inthelongrun]

You are wrong mate. Japan as one of the leading countries when it comes to innovation and technology is also huge in the crypto industry. I am not very updated on them these days but there was a time when it is one of the largest volumes in crypto trading. Zaif a Japanese exchange was one of the biggest before. Japanese banks are one of the early testers of the blockchain. And Binance before transferring to Europe was based in Japan too. Just lately, Binance purchased a Japanese crypto exchange in order to bolster its market share in the Japanese crypto market.

[Kakmakr]

Well, Japan went through a phase where they tightened regulatory requirements towards Crypto currencies and exchanges, after the whole Mt Gox fiasco in 2014.    They will most probably intensify their regulations in the near future... to prevent another Mt Gox scandal.

The latest FTX bankruptcy are not helping ==> https://cointelegraph.com/news/ftx-japan-drafts-plan-to-return-client-funds

On the other hand... the Japanese central bank plans to make a decision on whether to issue a digital currency by 2026. (https://cointelegraph.com/news/bank-of-japan-to-trial-digital-yen-with-three-megabanks)

[electronicash]

Well, Japan went through a phase where they tightened regulatory requirements towards Crypto currencies and exchanges, after the whole Mt Gox fiasco in 2014.    They will most probably intensify their regulations in the near future... to prevent another Mt Gox scandal.

The latest FTX bankruptcy are not helping ==> https://cointelegraph.com/news/ftx-japan-drafts-plan-to-return-client-funds

On the other hand... the Japanese central bank plans to make a decision on whether to issue a digital currency by 2026. (https://cointelegraph.com/news/bank-of-japan-to-trial-digital-yen-with-three-megabanks)

when they suspend withdrawals of assets, the more loss for the investors since the tokens they have are devalued. lucky for the ones actively dumping when Caroline tweeted their buying price at $22. everybody sells at $22 when they found out.

Do you actually think that Nokia is a Japanese brand?

https://youtu.be/wEIGG-pN7ug?t=25
you gotta respect the Japanese, they know the way of the Samurai. 

[AicecreaME]

As one of the world's leading economies with countless cutting edge technologies, Japan has maintained its high-profile status for many decades. Even in this World Cup, Japan has defeated Germany and Spain, striving to the next level of competition. It seems that Japan does not need to prove to be a great nation to the world. However, in the crypto industry, we barely heard anything great from Japan, no leading blockchain ecosystem or any cryptocurrency exchange alike. Why ? Please correct me if I am wrong.

I think they don't need to buy cryptocurrency or support cryptocurrency just because Satoshi Nakamoto is a Japanese name. We all have our own choices in life, on where to invest or risk our money. But I believe Japanese government are not that strict when it comes to cryptocurrency, if I'm not mistaken, you could use cryptocurrency to buy products in their country, correct me if I'm wrong though.

[darewaller]

As one of the world's leading economies with countless cutting edge technologies, Japan has maintained its high-profile status for many decades. Even in this World Cup, Japan has defeated Germany and Spain, striving to the next level of competition. It seems that Japan does not need to prove to be a great nation to the world. However, in the crypto industry, we barely heard anything great from Japan, no leading blockchain ecosystem or any cryptocurrency exchange alike. Why ? Please correct me if I am wrong.

I think they don't need to buy cryptocurrency or support cryptocurrency just because Satoshi Nakamoto is a Japanese name. We all have our own choices in life, on where to invest or risk our money. But I believe Japanese government are not that strict when it comes to cryptocurrency, if I'm not mistaken, you could use cryptocurrency to buy products in their country, correct me if I'm wrong though.

I would guess that they do not support it just because of Satoshi name, but because of the tech behind it. I know we do not like to bring racial stereotypes into discussion, but this is a good one I believe; Japanese people are amazing at new technology.

It means that the type of people who can build robots, could also be interested in crypto because it's a brand new version of something they already knew. Money but improved version basically and they are tech oriented nation so they liked it. That is the main starting point but we haven't really improved all that much since the first time it was created, so no new development may have caused them to lose interest.

[2stout]

Japan is still ahead of the curve, so not sure why or how they fell behind in the crypto industry.  Was the expectation for them to take the lead on crypto regulations?

[rendravolt]

You may not read or heard them since it's been a while I read some thread about them when talking about crypto. It seems that they were too discreet or likely to not going to bother unless if it's a scam but I've read some articles about them when dealing with crypto. They seemed to be strict in everything that's why maybe you haven't heard from them or their media doesn't want to involve their economy about the crypto market.

Japan does have strict authority in the spread of crypto, they don't want their country to be further involved with bad things, especially if there are cases of scam or money laundering using crypto. But on the other hand, its neighboring country, South Korea, is the easiest for people who are not responsible in crypto matters to penetrate, often seeing the news that some Koreans have experienced big losses when they tried the crypto market or they also practice scams in all fields. which makes it the country with the least authority for crypto settlement issues.

I agree with this, Japan is extremely strict about spreading crypto and doesn't want to get involved with the bad reputation that crypto has created. We still don't know what's going on in Japan, just because they don't create crypto projects doesn't mean they're outdated, meanwhile they accept bitcoin and use bitcoin earlier than many countries. Along with that are countries like Korea that you mentioned although famous for many crypto projects but ended up becoming scam projects, dead projects. So it cannot be said that those countries are more developed than Japan in terms of cryptocurrencies.

Maybe due to strict regulation and Japanese people just don't want to make such projects, they prefer to introduce bitcoin to beginners and focus on using bitcoin for useful purposes. Indeed, the incidents of scams from South Korea, I often see them in drama series, have even become a public concern and clearly send the message that crypto is very close to a scam. But it needs to be underlined that this kind of thing will not happen if everyone is careful every time they get information.

[dothebeats]

Japan obviously know the tech. They obviously know what there is to know about crypto, they just chose not to focus on it becase there are other areas that they focused on before entering crypto. They have exchanges and are putting a considerable amount of volume in the market, so I don't think they are lagging behind in any way.

[BIT-BENDER]

Apart from Japan recent success in the World Cup going on In Qatar one other thing I like about the country is their citizens discipline. I think it’s exemplary. I have no doubt that Japan is going to be amongst the leading nation economically.

It’s a country bless with population and good numbers youth, I think they have a strong Crypto-Currency relationship but I don’t have facts to prove this. Going my the country love for technology and development I believe there should be good amount of strong crypto-currency enthusiast

[coupable]

There does not seem to be any indication that the Japanese market is important enough to interest those interested in the crypto market. The Japanese market is a closed market and the state monitors it in a way. Recently, Binance acquired a trading platform that is active in Japan, and thus secured its first foothold in East Asian countries, which increases Japan's isolation, as no other company can think of it or the possibility of great opportunities in it.

[MoonOfLife]

Just because they are not involved in the creation of scam projects does not mean that they are outdated and do not study cryptocurrencies. I remember them being the earliest bitcoin-accepting country in Asia and having strict crypto regulations. That's why we don't see too many projects from Japan, they only focus on bitcoin and blockchain, they don't want to create scam projects like Luna or FTX.

[iamsange]

Just because they are not involved in the creation of scam projects does not mean that they are outdated and do not study cryptocurrencies. I remember them being the earliest bitcoin-accepting country in Asia and having strict crypto regulations. That's why we don't see too many projects from Japan, they only focus on bitcoin and blockchain, they don't want to create scam projects like Luna or FTX.

Japan is a developed country whose economic sector is developing very rapidly so that the Japanese government itself always takes very good care of it so that the Japanese economy can always be stable and develop well. So it's natural that in Japan very few new crypto projects are born and new crypto exchanges are developing, because if the government sees that as a less important thing, then it won't develop in Japan for obvious reasons.

[Swordsoffreedom]

Just because they are not involved in the creation of scam projects does not mean that they are outdated and do not study cryptocurrencies. I remember them being the earliest bitcoin-accepting country in Asia and having strict crypto regulations. That's why we don't see too many projects from Japan, they only focus on bitcoin and blockchain, they don't want to create scam projects like Luna or FTX.

Japan is a developed country whose economic sector is developing very rapidly so that the Japanese government itself always takes very good care of it so that the Japanese economy can always be stable and develop well. So it's natural that in Japan very few new crypto projects are born and new crypto exchanges are developing, because if the government sees that as a less important thing, then it won't develop in Japan for obvious reasons.

They are the country with the world's leading technology development, they will not ignore blockchain technology as well as the cryptocurrency industry. But they have always been known as a country with stringent laws, so developers who do not arbitrarily create projects cannot guarantee success.
Recently, FTX Japan is also planning to refund investors, showing that they have stringent regulations, if you intend to scam or appropriate property by creating a project, you should not be in Japan.

[wxa7115]

As one of the world's leading economies with countless cutting edge technologies, Japan has maintained its high-profile status for many decades. Even in this World Cup, Japan has defeated Germany and Spain, striving to the next level of competition. It seems that Japan does not need to prove to be a great nation to the world. However, in the crypto industry, we barely heard anything great from Japan, no leading blockchain ecosystem or any cryptocurrency exchange alike. Why ? Please correct me if I am wrong.

The circumstances are what they are, it is likely that after the collapse of Mt Gox, which was based in Japan, regulators decided to take a deeper look at this market and investors panicked to the point they decided to leave Japan and create exchanges in other jurisdictions.

Also the price of electricity is high compared to a country like China, which is why miners decided to establish their operations there until it became illegal, so as you can see Japan despite being a developed country does not have the best characteristics to be a leader in this market.

[rokok lokal]

The crypto industry is still in its infancy, in my opinion, Japan will not be completely left behind as it has all the necessary conditions to be an early adopter of blockchain technology in the future.

I think of this crypto market as a giant board game. Countries around the world are each responsible for writing the rules or laws governing those who try to play such games.

Perhaps, Japan's strict crypto regulations might hinder the growth of the crypto industry there. If so, it is hoped that the Japanese government will loosen its stance on the matter, allowing for a more open environment in which innovation and economic growth can flourish. Any resulting growth in popularity and adoption will no doubt benefit all parties involved.

[Marcellin9]

Japan has no military capability worth speaking of, which leaves it a vassal state to foreign interests and foreign powers. They bully japan and force it to comply with international demands. This has been demonstrated in several different areas over the past few decades. While japan has been a hotbed of technological advancement, it is not independent enough to forge its own policies on cryptocurrencies and is forced to comply with international regulation and narratives.

If anyone wants an example of how japan has been unable to stand up for itself, they can look at the large number of japanese prime ministers who were forced to resign over the last 20 years. Unfortunately politics, military and economic concerns do factor in here. In ways which many might not expect.

Japan's culture trends towards embracing long term value, over short term gain. Culturally it parallels the HODL nature of bitcoin and other crypto. Naturally japan should be a hotspot for crypto development.

Apparently - you are very jealous of Japan and do not understand its culture!
no, this is not a joke. To call Japan a vassal country is utter stupidity The Russians love to tell it very much after they lost the war in 1905 and were smitten! And especially when they understand that Japan has almost 0 resources, but this country is a technological world leader! Unlike Russia, a backward, degrading third world country, a resource appendage of developed countries. Now the country is also a terrorist
But back to Japan - tell me, what can "non-vassal" countries boast of against the background of Japan? Technologies? Lifespan? Ah, premiers quit often. You know - there is such a word honor and honesty. So they are very highly developed, and if they did not justify the hopes of their voters, did not fulfill their promises, they do not falsify the elections in order to sit on the throne for 20 years, they do not kill the opposition, which shows their shortcomings. They LEAVING, APOLOGIZING to the population of their country. Because they respect the people, the country...
I have great respect for Japan and its culture, more precisely, for how high the cost of honor and dignity they have, and how much they have the courage to admit their mistakes! It is very expensive and is simply not available to many!

PS About the Japanese army, which allegedly does not exist, I recommend reading ....

Appreciate Mr. DrBeer's comment. I am always happy to see knowledgeable people, especially in terms of world's history, to make reasonable points. Japan is truly a leading country not only in high tech sectors but also in countless fields in the world. Its rich and complicated history with neighboring and western countries has been propelling the nation to progess continuously. Japanese culture has reasons to earn so much respect from the globe and many people who are not familiar with history will just ignore this. Humans are the fundamental reasons to create civilization/achievements/sucesses and culture behind the facade is the key to humans. We have to admit this before we actually analyze a country, a phenomenon or even a small article. Too sad that many people see things like scattered dots and can't find the hidden clues that lead to the right direction.

As one of the world's leading economies with countless cutting edge technologies, Japan has maintained its high-profile status for many decades. Even in this World Cup, Japan has defeated Germany and Spain, striving to the next level of competition. It seems that Japan does not need to prove to be a great nation to the world. However, in the crypto industry, we barely heard anything great from Japan, no leading blockchain ecosystem or any cryptocurrency exchange alike. Why ? Please correct me if I am wrong.

Japan is often an outlier when it comes to trialling things that the rest of the world has used for a long time or something even holding on to certain tech for too long (fax machines). However it's sometimes not a bad thing to have this insular and quirky behavior, because it can shield you if others having jumped on a leaky ship - metaphorically speaking. They also live in a very segregated society and have a very structured business mentality which plays a role.

Sometimes I can't find an appropriate word to describle Japan but I simply know what it ts. Being and outlier and a pioneer ? Holding on to old stuff while keeping innovative on technology ? Preserving its own culture at the same time learning advanced foreign cultures well ? Yes. Japn is everything of them. The Japanese culture has been a perfect balance of old and new, their's and others', open and conservative...the list goes on and on. I guess this is the primary reason why that country has maintained so strong to today. No wonder their segregated society and structured business mentality still work no matter how competitive the world becomes or will be.

[Semar Mesem]

Japan is a unique country in the world because they are very fanatical about their country, they will not be interested in projects that use languages other than Japanese so most of the top exchanges in Japan are pure Japanese, of course there are several exchanges that are popular in Japan even I heard that Binance also opened business in Japan.