Japan, the world’s third-largest economy, has been very conservative in its outlook toward cryptocurrency and its usage in the global market. However, the past week has been considered to be a dynamic week for the industry here, given a number of new ventures were launched and that too with some of the leading agencies.
Big companies like Yahoo, Rakuten, and SBI planned to launch their own schemes in the industry, which came as a pleasant surprise for cryptocurrency and blockchain technology consultants, Akio Kikuchi. Industrial experts believe that the recent developments are bound to change the scenario and would benefit both the industry and the people immensely.
The growing acceptance of Cryptocurrency in Japan has been welcomed by all quarters because that increases the options of payment in various sectors. It must further be re-instated that Japan has taken an international lead in terms of designing cryptocurrency regulations. Being one of the world’s largest economies, Japan has to adapt to the current trends relating to the Cryptocurrency industry.
Moreover, the upcoming G20 summit would be a great platform for Japan to showcase its openness toward digital currency, breaking conservative barriers. In fact, Tokyo is hoping to convince the international community to develop stringent regulations for the betterment of the industry, which would make it even more widely acceptable.
One of the most famous e-commerce platforms in the world, it was awarded the license to exchange cryptocurrency by the Regulatory Services Agency or the RSA. The company last year had launched Rakuten Wallet last year after it took over an existing platform named everybody’s Bitcoin. The functioning once it has a re-structured business plan.
Scheduled to open a business in May, the company has already started accepting accounts. Rumors were rife about its intention of launching a crypto exchange this year when it bought a 40% stake in the FSA-licensed Bit Arg exchange, which has been renamed Taotao.
The Tokyo-based cryptocurrency agency will start operating from April and has started accepting accounts. In fact, it was the first to receive the operating permit from FSA this year.
One of Asia’s largest banking organizations, the SBI Group said that it will start mining hard currency with an anonymous American company. SBI has recently launched a licensed exchange of its own.
Some of the other agencies that have seen the light of the day post-Japan’s change toward the outlook of Cryptocurrency are Money Partners Group, Daiwa Securities, OKWave, and others.