Japan, one of the world leaders in blockchain development has been tipped to be the top crypto destination to watch in 2020.
Believed to be the country crypto originated from, Japan remains one of the first countries that regulated cryptocurrency activities including exchanges.
Japan’s Financial Services Agency (FSA) has continued overtime to regulate crypto institutions and dealers.
This is in lieu to series of hack attacks as well as the Mt. Gox $2 billion hack which is still being settled in court and its planned takeover by Fortress.
Bitflyer activities too has allowed for a major push up in the crypto space in Japan. Following the re-launch of the trading platform, reports has it that domestic population continue to turn away from crypto as institutions are increasingly getting into the field of blockchain such as Rakuten.
However, the blockchain institutional investment is expected to soar in the coming year, and having a regulated crypto environment adds appeal to Japan as the preferred destination given for other investors.
The hallmark of these prediction is hinged on the fact that crypto adoption and user base in the country continues to surge.
Success stories so far
With the trend among retail traders in Japan, Rakuten dubbed Japan’s Amazon and largest retailing store launched its android wallet in August.
This allowed customers store and trade in crypto and other coins as against the Japanese Yen.
Rakuten as part of landmarks achieved and to encourage its customers allowed that clients could begin to convert their loyalty points to three different cryptocurrency: bitcoin, ether and bitcoin cash.
This allows more people adopt crypto also in Japan.
Also on May 31, the Japanese House of Representatives amended two cryptocurrency-related laws, the Payment Services Act and the Financial Instruments and Exchange Act, which will come into effect in April 2020.
Most Japanese crypto exchanges have welcomed the changes, since they expect more institutional investors to join the crypto industry.
Several Japanese investors have switched to cryptocurrency in Japan because of low interest rate the country faces alongside the fact that domestic saving is on the high.
These factors along with the high level financial literacy rate which has made a lot of investors switch to crypto, accelerated development of blockchain in the country are reasons Japan is tipped to being one for the top destinations to watch out for.
However, it must be mentioned that blockchain and crypto growth in Japan is on the high compared to other countries of the world as 2020 is expected to bring bigger prospect for the East Asian country.