05 May 202021:42
JAPANESE CRYPTO ECOSYSTEMFrom very early on, Japan has been a crypto hub. Mt. Gox, the world’s biggest crypto exchange at the time, was a Japanese company. Roger Ver was promoting Bitcoin heavily in Tokyo and around the country during the first few years of Bitcoin’s existence.
Since 2016, Japan has officially recognized crypto as a type of money for making payments. This official recognition brought cryptocurrencies under the control of the Financial Services Agency in Japan. The FSA both legitimizes cryptocurrency and puts standards in place for operating a cryptocurrency exchange. So the Japan Virtual Currency Exchange Association was set up as a group of exchanges operating in the country who agree to follow certain rules and best practices while operating in Japan. There are only 22 cryptocurrencies available for trading for Japanese citizens.
Nowadays, Japan has 3.5 million citizens trading cryptocurrencies. Among Men aged 25-30, 14% own cryptocurrencies, this is a very high adoption rate and it places Japan at the forefront of cryptocurrency adoption worldwide.