As the wash up from China’s crypto crackdown settles, one country has come out on top.
Japan is now the largest bitcoin exchange market in the world. The island nation now commands 56% of all bitcoin exchange trading worldwide, processing twice as many trades as its US peers.
The surge in trading in Japan has been attributed to the favourable treatment of trading platforms in the country.
In fact, the Japanese government has authorised and licensed 11 exchanges in just the past week alone. That means the trading sites are now completely legal and are regulated. As bitFlyer (one of the approved exchanges) CEO, Yuzo Kano comments,
‘Japan has been exploding with demand for both bitcoin trading as well as virtual currency services. The FSA’s approval for bitFlyer to operate as a Registered Virtual Currency Exchange, and the agency’s openness and forward thinking regulation could not come at a better time for the blockchain space.’
According to cryptocoinnews.com, bitcoin’s short-term price could come to rely on Japan as well as South Korea for stability.
South Korea’s government has stated that they will legalise bitcoin in the coming months. Which will also include making a framework for exchange platforms — meaning that South Korea could soon follow Japan’s bitcoin boom.
Hopefully Japan and South Korea’s success will sway other governments to follow suit. Don’t hold your breath for any commitment in the near future though.
Pay Your Bills with Bitcoin
In other bitcoin news from Japan, people can now pay their power bills with the coin.
Japanese energy company Remixpoint Inc [TYO:3825] is now offering a bitcoin plan. And customers who pay with bitcoin even get a discount.
It’s always great to see more businesses offer bitcoin as a payment option. As more people accept bitcoin it will continue to grow.
Remixpoint seem to have grasped just how advantageous it could be for their business as well, noting:
‘We will promote the spread of virtual currency settlement in Japan by developing payment services that take advantage of the strength of reducing remittance and settlement costs, which is the original value of virtual currencies.’
It’s great news for bitcoin adoption in the country, especially because this isn’t just some small retailer. Remixpoint is a listed company, with a market cap of $642 million.
Just another product added to the growing list that you can purchase with bitcoin.
And if you want to get your hands on some bitcoin, we can show you how. Check out our full report right here for all the details.
Junior Analyst, Money Morning