[NEWS] Kraken leaving Japan!
Kraken - according to coinmarketcap.com, the 12th largest exchange for cryptocurrencies - withdraws from Japan.
This is surprising since Japan is presumably one of the countries with the largest volume of cryptocurrency trading. The most recent statements issued by the National Bank of Japan on the subject of cryptocurrencies also gave rise to the hope that the market could and would continue to grow.
Source: https://coinmarketcap.com/exchanges/volume/24-hour/
The reason for Kraken to withdraw nevertheless, is probably that the operating costs in Japan make a continuation of the operation at the current time unprofitable. A resumption of operation in Japan for the future should not be expressly excluded.
Eventually the operating costs of the new licensing process in Japan have increased so much that this step has now taken place. A return to Japan will seem to be closely linked to whether and how it will be possible in the future to fulfill the legal framework while pursuing profitable business.
Until recently.
Something more might be going on, since Binance also left Japan recently.
Thank you for the comment. I realy think that most of it is the result of regulation. Though I do not know enough about Japan, but in germany companies pay a lot of money to meet legal requirements. If they have to report every costumers and prove their identity to the financal department, that takes a lot of work.
I suspect we'll start seeing similar withdrawals in the United States, as well. There's an awful lot of concern over tax regulations that started this year. We're going to need to track all of our transactions (who does that?) and report each one with our taxes next year.
:D "Benjamin Franklin: Two things are certain in life: death and taxes!"
It is no surprise the governments want their share. Keeping track is not that hard. Just have to adopt methods from accountancy. Only thing is that this will take time and effort.
As far as governments are concerned: we should give them their share, which is zero. It' s not like they give any added value to cryptos. On the contrary.
Thank you for sharing this information @jpmay and very useful to us all.
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Thank you, I'm interested. And where will be the legal address? Have you got information?
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