Japan is the place where cryptocurrency appeared, where Bitcoin.com is headquartered, where the first crypto exchange MtGox was created, and the birthplace of the mysterious Bitcoin creator Satoshi Nakamoto. However, the entire development of the digital movement taking place in the Land of the Rising Sun still remains a mystery in the Western world.
According to information published by the Financial Services Agency of Japan (FSA), as of April 10, 2018, more than 3.5 million people live in Japan who make more than $97 billion in cryptocurrency transactions per year. Most of them are businessmen around 30 years old, 143,000 of them prefer margin trading and futures trading. Since the beginning of 2014, the annual volume of Bitcoin trading has increased from $22 million to $97 billion.
After a series of high-profile hacks, in particular after the theft of $530 million from the Coincheck exchanger, the FSA thought about streamlining the functioning of digital platforms. At the moment, all cryptocurrency exchanges wishing to operate in the country must obtain permission from the agency.
Sixteen home exchanges, including Bitflyer, Bitbank, Bittrade, and Bitocean, have received an FSA license, and sixteen more have received temporary “quasi-operator” status.
The Japan National Tax Agency has raised the government tax on cryptocurrency profits from 15% to 55%, while profits from foreign exchange exchanges are subject to a 20% tax. On the other hand, cryptocurrency traders in Japan received full legal protection for their assets. Six major exchanges have already received instructions to improve business practices, most of which relate to the implementation of AML/KYC.
Large companies, including airlines, hotels, retail chains, as well as thousands of small entrepreneurs accept Bitcoin in Japan. POS terminals integrated with cryptocurrency exchangers are used to make payments in digital currency.
Bitcoin has not yet replaced traditional currencies like the yen, which are still used to pay for subway tickets, apartment rent and grocery purchases. However, with the help of an extensive network of crypto ATMs, desperate supporters of digital assets can pay for almost all services with cryptocurrency.
According to cryptoticker.io
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