Does Japan fall behind in the crypto industry ?

[panganib999]

compared to countries in East Asia, Japan is quite receptive and accepting of cryptocurrencies and the benefits they could provide. So I don't think they are lagging compared to the rest of the world. It's the fact that they are more relevant in other aspects, like how great they are with creating manga, videogames, technological solutions, and whatnot that news and updates about Japan's journey to the cryptocurrency world is overshadowed.

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.

Quite unlikely, they are a collectivist society, and although they have this certain phobia about learning new languages it is no excuse to be less accepting of enterprises that involve cryptocurrencies. The fact of the matter is, they are indeed accepting of cryptocurrency, so much so that for a time they have their own cryptocurrency exchange until CZ's Binance annexed it.

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[Lubang Bawah]

Japan is a developed technology country including cryptocurrencies, even before cryptocurrencies became trending today a few years ago Japan was the largest Bitcoin holder country, then China and so on, after cryptocurrencies increasingly diverse and more and more top exchanges, Japan seemed left behind with other countries, in my opinion The usual but I'm sure Japan has its own way with cryptocurrencies.

[Ani1985]

I have heard the news that Japan has made Cryptocurrencies regulations in 2015, of course it is natural that the government helps investors at FTX so that Japanese citizens are very helped, this is because Japanese citizens always provide financial transaction reports so that Japanese authority is easy to help.

[Marcellin9]

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.

Don't you think the Satoshi name might be a tactical strategy that intends to attract potential followers and buyers ? I mean, to most Japanese people, it does not really ring the bell to hear a Japanese name, even he is inventing some big tech. But for most people around the world, Japan already stands for high technology and most users/consumers will buy it. An original Japanese name means much more important advertising to promote Bitcoin. The existence and success of Bitcoin is never a coincidence.

[kro55]

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.

Not really, if they were fanatics of their country and didn't care about anything but Japanese, they wouldn't have chosen bitcoin and legalized it very early on, bitcoin was not created in their country. As others have mentioned: Japan has stringent regulations, so Japanese developers don't want to create shitcoins and crash and go to jail. So it is understandable that they are not so dominant in the altcoin market, but with bitcoin, Japan was one of the first countries to legalize it in Asia.

[Haunebu]

Satoshi Nakamoto? Hello? The person himself/herself could be someone from any part of the world, but the name itself is Japanese and there is probably a good reason as to why that person chose this name if you ask me.

Also, as some others mentioned, they were one of the first countries in the world to legalize BTC. They were always crypto friendly which implies that they were ahead in the cryptocurrency industry overall.

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.

You are clearly exaggerating some stuff about Japan here by conveniently ignoring cons related to it like bad work-life balance, Yakuza etc. Think!

[Joshapat]

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.

In my opinion, Cryptocurrencies user information in Japan is very difficult to obtain, I hear several local exchanges in Japan to close services for many reasons such as strict government regulations and minimal users, we know that Japan is a developed country but for finance many Japanese people prefer to save money under the pillow.

[Marcellin9]

Satoshi Nakamoto? Hello? The person himself/herself could be someone from any part of the world, but the name itself is Japanese and there is probably a good reason as to why that person chose this name if you ask me.

Also, as some others mentioned, they were one of the first countries in the world to legalize BTC. They were always crypto friendly which implies that they were ahead in the cryptocurrency industry overall.

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.

You are clearly exaggerating some stuff about Japan here by conveniently ignoring cons related to it like bad work-life balance, Yakuza etc. Think!

Exaggerating stuff about Japan ? Hell no.  I was thinking about talking the cons related to it like work-life balance and Yakuza but held back. Now you mention these and let's talk about them. My cousin has lived in Japan for seven years and now she is a professional worker. We have been frequently in touch and talked about Japanese culture a lot. Ever since she was a student studying in Japan, she'd choose to do part-time jobs in her spare time . At that time, schedule was quite flexible as students had to focus on study. After graduation and being a full-timer, she has been indeed devoted much more time to work and guess what, she was very happy with where she is now. Maybe she is still single and from a foreigner's view, it is extremely acceptable to to accepted in anohter country and live well. Her Japanese colleagues, of whom are married with kids, are pretty much busy everyday but so what ? It's more like a choice of work-life balance, not a forced task to do ! You use the word "bad", and may i know how you exactly define "bad" here ?  Speaking of Yakuza, I am not a gangster first of all and don't have any first-hand experience but coincidentally, I recently watched a Japanese Yakuza film Outrage directed and starring Takeshi Kitano, and also two sequels later Beyond Outrage and Outrage Coda. I have to say that these movies are expressing that Yakuza is collapsing culturally , rotalty is deminising while betrayal is taking over and deteriorating the whole Yakuza society. Even they, the Japanese people, are realizing their problems and dealing with them, why would I step up to exaggerate any stuff ?  Am I bragging about Japanese culture ? Of course not. I am much more objective than many people and don't like their shortcomings either.  Cons in regards to work-life balance and Yakuza ? I hear them and see them fairly, never intend to ignore anything bad. Think twice !

[iamsange]

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.

It is only natural that Japan is taken into account by businessmen like Binance, because Binance itself knows that Japan is a very smart country and very competent in the economic and business fields. Besides that, Japan also really respects their own rules and culture in any case so that things that are against the rules of their country will always be scrutinized and even ignored if there are no more satisfying benefits.

In my opinion, Cryptocurrencies user information in Japan is very difficult to obtain, I hear several local exchanges in Japan to close services for many reasons such as strict government regulations and minimal users, we know that Japan is a developed country but for finance many Japanese people prefer to save money under the pillow.

, Have you ever been there and conducted a survey on some Japanese residents for "saving money under the pillow"?
This sounds very funny to me because they (Japanese residents) don't live in a poor country and even you yourself call Japan a developed country with very strict government regulations. So it's a little unreasonable if Japanese residents keep money under their pillows without thinking about saving money elsewhere such as banks or the like in their own country.

[Woodie]

I think when it comes to tech related stuff Japan is never left behind and I don't think crypto isn't in their sight either , besides I remember some years back reading something that side crypto in Japan is a safe haven so I don't think these guys fall behind. And just a fun fact, isnt Mr Bitcoin aka Satoshi Nakomoto believed to have come from Japan based on his name combination 

[Moneyprism]

as far as I know Japan is a country whose citizens are very nationalist, they really love their country, and maybe this is the reason why not too many Japanese people use crypto, because they think it's unnecessary because they still have a digital payment system and investment in their country also quite profitable.. but maybe in the future more people will adopt crypto in japan

[BRINIRHA]

as far as I know Japan is a country whose citizens are very nationalist, they really love their country, and maybe this is the reason why not too many Japanese people use crypto, because they think it's unnecessary because they still have a digital payment system and investment in their country also quite profitable.. but maybe in the future more people will adopt crypto in japan

actually there were quite a lot of crypto users in Japan before. However, after the Japanese government imposed high enough crypto tax rates, the volume of crypto trading there decreased. so that the exchange there is experiencing difficulties to continue to survive and operate. but I had time to read the news on Google that there are still around 31 exchanges that are still operating in Japan. But there is also an exchange called EXIA which is still suspended by the Japanese Financial Services Agency.

[boltz]

I think quite the other way around because Japan are very welcome towards cryptos even if they had some issues with them some 3 years ago if I remember well but since then , Japan and Asia countries in general have been more welcome towards cryptocurrencies and especially Bitcoin. After all , we are talking about Japan , so I doubt they will fall behind with anything that has to be technology.

[dunfida]

I think quite the other way around because Japan are very welcome towards cryptos even if they had some issues with them some 3 years ago if I remember well but since then , Japan and Asia countries in general have been more welcome towards cryptocurrencies and especially Bitcoin. After all , we are talking about Japan , so I doubt they will fall behind with anything that has to be technology.

There are current headlines on Japan but this time it do talk about this
Japan to lift the ban on foreign stablecoins like USDT in 2023:
https://cointelegraph.com/news/japan-to-lift-the-ban-on-foreign-stablecoins-like-usdt-in-2023-report

but sadly here's another one.

Kraken quits Japan for the second time, blaming a ‘weak crypto market’
https://cointelegraph.com/news/kraken-quits-japan-for-second-time-blaming-a-weak-crypto-market

You could definitely be able to tell that there's a weak market on Japan and its just normal
that platforms or business in correlated with crypto cant really be able to sustain out.

[Marcellin9]

I think quite the other way around because Japan are very welcome towards cryptos even if they had some issues with them some 3 years ago if I remember well but since then , Japan and Asia countries in general have been more welcome towards cryptocurrencies and especially Bitcoin. After all , we are talking about Japan , so I doubt they will fall behind with anything that has to be technology.

There are current headlines on Japan but this time it do talk about this
Japan to lift the ban on foreign stablecoins like USDT in 2023:
https://cointelegraph.com/news/japan-to-lift-the-ban-on-foreign-stablecoins-like-usdt-in-2023-report

but sadly here's another one.

Kraken quits Japan for the second time, blaming a ‘weak crypto market’
https://cointelegraph.com/news/kraken-quits-japan-for-second-time-blaming-a-weak-crypto-market

You could definitely be able to tell that there's a weak market on Japan and its just normal
that platforms or business in correlated with crypto cant really be able to sustain out.

To be honest, I don't really trust the media nowadays. Spreading news without confirming the authenticity is what makes modern media lose trust in public. I don't believe Japan has fallen behind. Truth is likely to be they are just too strict and conservative about cryptocurrencies. Focusing on technology while ignoring most meaningless crypto projects seems like a better choice.

[romero121]

I searched for the source, couldn't figure it out. Japan is one among the country that helped in the mass adoption in the beginning days of bitcoin getting used on daily needs. If I'm not wrong this was during the year 2017-2018, the market bounced good and parallel to the same Japan supported small businesses with proper education and suggested to add cryptocurrency payment option. During those days, even this is mentioned to be a strong reason for the bullish movement of the market. Maybe now the country might've made strict regulations.

[Sithara007]

Japan and Russia were among the top countries until 2017 or so, as far as cryptocurrency adoption is concerned. But then, lack of support from the government and increasing regulations forced many of the startups to shift their operations to other countries. BTC-e for example had to move their operations to Bulgaria from Moscow before they were closed down completely by the FBI. And then the bear run of 2018 had a heavy impact on Japanese and Russian crypto investors compared to those in other countries. And finally, the slow pace of MtGox recovery in Japan has frustrated a lot of the investors who lost their money in 2013.

[Sanitough]

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.

Yes, with the acquisition of Japan’s Sakura exchange, Binance looks to offer blockchain solutions along with crypto exchange services in Japan. Thus, making Japan more crypto based country that will only set to happen if the Japanese government and Bank of Japan will align with Binance programs. But I believed crypto has been already exposed in Japan, as this is a crypto friendly country, but it’s only at the present that blockchain technology will come to conquer Japan.

[Jatiluhung]

I think quite the other way around because Japan are very welcome towards cryptos even if they had some issues with them some 3 years ago if I remember well but since then , Japan and Asia countries in general have been more welcome towards cryptocurrencies and especially Bitcoin. After all , we are talking about Japan , so I doubt they will fall behind with anything that has to be technology.

There are current headlines on Japan but this time it do talk about this
Japan to lift the ban on foreign stablecoins like USDT in 2023:
https://cointelegraph.com/news/japan-to-lift-the-ban-on-foreign-stablecoins-like-usdt-in-2023-report

but sadly here's another one.

Kraken quits Japan for the second time, blaming a ‘weak crypto market’
https://cointelegraph.com/news/kraken-quits-japan-for-second-time-blaming-a-weak-crypto-market

You could definitely be able to tell that there's a weak market on Japan and its just normal
that platforms or business in correlated with crypto cant really be able to sustain out.

The tax policy there is very high in every trading transaction on the stock exchange. So of course if I'm in the position of a Japanese citizen. then I will choose not to do too much crypto trading. I will only buy and hold it until the target is met.

and keep in mind that Japanese people are very busy in work matters. their work ethic is very high. so they don't have much time to relax just to monitor charts and make quick trades. they definitely prefer long-term trading or investing. so it's natural that the exchange there is quiet. But the number of exchanges operating in Japan was very much. But it is because of low volume. so it's only natural that there are exchanges that leave Japan. like for example Kraken.(beincrypto.com)