Japan Bitcoin trading volume increases to a total of 40% of the global Bitcoin trading. It seems that country’s officials do not plan any drastic regulatory moves in the near future.
26 January, AtoZForex – Amid heightened cryptocurrency regulations in China and South Korea, digital currency traders are facing obstacles to carry out their planned trades. However, it seems that many of them have already found a solution for this problem. Thanks to looser cryptocurrency regulations in Japan, numerous cryptocurrency traders are switching to this country’s exchanges.
Japan Bitcoin Trading Volume Increases
In fact, due to the increased Japan Bitcoin trading volume, the nation has become the world’s leader in Bitcoin transactions. Approximately 40% of all global Bitcoin transactions are now carried out in Japan. Tokyo now is looking into the matter of consumer protection.
Japanese authorities are discussing the possibilities of protecting cryptocurrency investors from the price fluctuations. Some of the proposed measures include regulating the price or preserving the country’s reputation for innovation.
The fact that some of the Bitcoins are connected with scams, money laundering, tax evasion and funding terrorism has pushed numerous global investors to implement strict regulations in regards to the cryptocurrency market. However, Japan stays silent and still appears to have a quite relaxed stance regarding digital currency market.
The executive economist at Nomura Research Institute, Takahide Kiuchi, has stated that he believes that the regulator clampdown in other countries has led to the majority of cryptocurrency funds flowing to Japan. He has stated:
“This had led to moves to transfer investment money to Japan, where regulation is relatively slack.”
Japanse Finance Minister, Taro Aso, also does not believe that regulating cryptocurrency market is an urgent and necessary matter. He has commented:
“I don’t think it is good to regulate anything and everything.”
Earlier this week, we reported that South Korean authorities have already set out a date for Anonymous Crypto Trading Ban.
As per the official statement from the Financial Services Commission (FSC), cryptocurrency investors across South Korea will be required to use real-name bank accounts in order to carry out any trading. The regulator has set the deadline for 30th January.
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