However, Japan turned out to be the main player who changed prices. Earlier this year, Japan recognized bitcoin as a legal form of payment. Result? Currently, Japan accounts for about half of world trade, compared with about a quarter in the United States.
The Financial Services Agency of Japan (FSA) also announced that it supports 11 different types of crypto currency exchanges. This made Japan one of the most friendly cryptocurrency countries in Asia.
This change in success in Asia from China to Japan is also considered the result of the practice of margin and margin trading in Japan.
In the period from 2013 to 16, while the Chinese government and its central banks did not impose strict rules on trading with zero tariff and margin, the dragon was still in charge.
Although the ban on zero-tariff trade in China helped Japan, some suggested that the increase was only overestimated. However, in an interview with Bitcoin.com, CFO BitFlyer, Midori.
A blow to innovation
Although the Japanese government intends to distinguish between “safe (approved)” and “unsafe (unapproved)” areas for consumers through this registration process, this may explain the lack of innovation.
In another aspect of regulation, it is stated that only “approved virtual coins” can be sold, bought or advertised. This will severely restrict the market for legitimate companies who want to experiment with altcoin or blockchain technology. Companies will also find it difficult to make initial offers of coins in Japan.
Thus, on the one hand, Japan will continue to expand, as more and more stores are starting to accept bitcoins, which at the moment are considered mainly as investments, but this can also make Japan once again the driving force behind Bitcoin innovation.