In recent years, Japan has forged its position as a leader in cryptocurrency. In fact, any serious crypto discussion will eventually need to address Japan in some capacity. After all, the country of over 125 million people is home to some of the biggest cryptocurrency investors and users in the world. Therefore, it is no secret that Japan is one of the leading pioneers of crypto adoption. If you are an investor looking to tap into new markets, there has never been a better time to explore Bitcoin, blockchain, and crypto. This way, you can promote confidential transactions, minimize transaction fees, and lower the barriers to international investment. Of course, this helps to reduce competition and remain resistant to inflation. To help you get started, read on to learn about how Japan is becoming a leader in crypto.
Deep Roots in Technology
Going back several decades, Japan has always remained an industry leader in the newest, cutting-edge technologies. Japan was the first nation to create LED lights, emojis, and many other widely used electronic products. Similarly, Japanese inventors have made major developments in high-speed rail, robotics, and the Internet of Things. Therefore, Japanese citizens are used to consistent technical innovation and disruption. Consumers are always willing to try new things and explore new opportunities, especially in terms of technology. Because of this, it is not surprising that cryptocurrency has had a major impact on the Japanese economy. Surely, Japan’s deep roots in tech have allowed it to remain an industry leader in the crypto market.
Native Japanese Cryptos
In addition, Japan became one of the first nations to see the emergence of smaller, homegrown cryptocurrencies. Japan’s MonaCoin was the first form of cryptocurrency to be locally developed, way back in 2013. When initially introduced, this eCoin enabled quicker transaction speed, seamless fund transfers, and high levels of circulation. Simultaneously, this innovative digital currency was available exclusively to Japanese investors. Of course, this served as a powerful tool to get Japanese investors, as well as everyday consumers comfortable and confident with decentralized finance. This way, they were some of the first to learn the best strategies for investing in decentralized money. Indeed, natively developed Japanese cryptocurrencies have allowed it to remain an industry leader in this field.
Ample Trading Opportunities
Next, Japan has plenty of opportunities to invest in popular cryptocurrencies. One of the most popular options is using online trading platforms. One such platform is easyMarkets, an example of an overseas broker catering to a Japanese audience, allowing trading of Bitcoin, Ethereum, Ripple, and Litecoin and other cryptos via contracts for difference (CFDs). This way, you can maximize your return potential, promote portfolio diversification, and minimize your risk with conditions provided on the platform such as no slippage and negative balance protection. Certainly, the growth of accessible trading opportunities has allowed helped crypto to become more popular in Japan.
Cryptocurrency Legalization & Legislation
Of course, the legalization and legislation of cryptocurrency in Japan have played a major role in its industry position. In 2014 the Financial Action Task Force, commonly known as the FATF, published a report titled “Guidance for A Risk-Based Approach to Cryptocurrencies.” Within this document, Japanese legislators were provided multiple suggestions regarding decentralized money. One of the most prominent was that cryptocurrencies, as well as their exchanges, were to be made legal. Of course, this would provide the government the ability to regulate and provide stringent oversight to the cryptocurrency economy. In 2017, Japan again revised its former payment services act. In doing so, they enacted the legalization of online currencies as an accepted form of payment. Because of this, it has become increasingly easy to buy Bitcoins in 2021 throughout Japan.
Japanese Cryptocurrency Ties
Moreover, Japanese ties to cryptocurrency have certainly bolstered their industry position. For years now, Japan has remained one of the world’s largest crypto hubs. Plus, Japanese investors were some of the first to begin exchanging, trading, and using Bitcoin. Similarly, Mt. Gox, which was once the largest digital currency exchange in the world, was located right in Japan. However, this firm is now most associated with the biggest cryptocurrency hacks so far. Therefore, millions of Bitcoin transactions were processed through Japan on an everyday basis. Even more, some of the most well-known figures in decentralized finance live in Japan. Japan has deep ties to the market for cryptocurrency. If you’re looking to start investing in DeFi(Decentralized Finance), be sure to check these best defi projects in 2021 top to get an idea of where to begin.
Final Words
Japan has become an industry leader in the cryptocurrency market. First and foremost, this can be attributed to Japan’s deep roots in technology. Next, there are ample trading opportunities when investing with crypto. Of course, Japan was one of the first nations to create its own cryptocurrency investment products. In addition, the legalization and legislation of Bitcoin have certainly impacted their industry leader position. Moreover, Japan has held deep ties to the cryptocurrency market. Follow the points highlighted above to understand how Japan is becoming a leader in crypto.
If you like the article then Check out Techdee for more!