Japan is going Crypto - Hightech meets Bitcoin - Is the far-east leading the way?

Today let me give you a brief summary of my understanding of the situation of the cryptocurrency market here in Japan

Of course it is not so different from what is going on in North America or Europe.

Bitcoin gained quite sound popularity especially this year and quite a few Japanese are invested here as well.
Moreover, Japan seems to be one of the leading countries when it comes to bitcoin or cryptocurrency adaption.

The Japanese government has already started to regulate the exchange market and issued licenses or verifications to obeying companies. So if you want to do crypto business in Japan you need to obtain a license from the Japanese FSA (Financial Service Agency) first.

It is good to see some safety and stability coming into this tricky market but on the other hand most of us don’t want the government to be involved in our businesses too much.

I will introduce one of the biggest exchanges here, Coincheck in some future post soon.

There are also a few coins which originated from Japanese projects e.g. ADA coin from the Cardamon blockchain or Mona coin, also called “the cat meme coin”.

Especially ADA coin seems to be an interesting project. My friend @kafkanarchy84 seems to be very optimistic as you can understand from one of his recents posts here on Steemit.

Unfortunately at the moment there are not many cryptocurrency exchanges which support the exchange of the ADA coin. But it seems there are already some ADA coin ATMs somewhere here in Japan, unfortunately nothing is close to where I live.

I also found some recent announcement, that Japanese banks are trying to bring out their own “J-Coin”, probably as a way to get their share of the market. Not sure if that is good news

Interestingly, most of the people around me which I have ask whether they know or are interested in cryptocurrencies like Bitcoin et cetera don't seem to have any idea what is really going on.

I might just have asked the wrong people, because the craze about bitcoin has definitely hit Japan like a typhoon. Especially after the Chinese government started some strict measures for dealing and exchanging cryptocurrencies within their own Chinese territory and forces all exchanges to close.

A lot of the crypto business seems to have moved from China to Japan. Not sure whether this is only temporary or for the long run, only time will tell.

Some other interesting news are that the biggest Japanese travel company HIS is now accepting Bitcoin for payments and the family restaurant chain Royal Host supposedly opened one restaurant where you only can pay by credit card or Bitcoin. No cash accepted!

Not sure if this is the right move to go, but a very unique decision. I’m wondering if this is legally possible.

I'm going to do more research about the Japanese situation and will keep you updated.

However always keep in mind to invest with care. Don't use more money then you wouldn't mind losing.

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Max Power

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