The huge prospect of bitcoin in modern world raises many questions. Why? Users daily see numerous advertisements, as well as stories of successful traders who either once invested in cryptocurrency and have already received a huge fee today; or continue to trade in cryptographic currency and earn decent fees on the course, which have long gone beyond their wages at their main job.
Habitual for people money issue central banks states in which they live, but ... Their course directly depends on the decision of the government, on the economic situation, on international trade. In turn, digital coins are an innovative tool for ensuring all mutual settlements. And it is very important that such a currency largely has a future due to its absolute inaccessibility.
And today, many users who are going to take root in the process of earning on cryptocurrency are going to pay attention to Japanese cryptocurrency exchanges. Why Japan?
On April 1, 2017, the Japanese government officially recognized the bill that any type of cryptocurrency (not just bitcoins) receives the status of "payment instrument" in the state.
This recognition of virtual currency naturally raised many questions. Why? Digital coins are not regulated by any rules, and their rate can rise sharply or “collapse”. That is why, at the time of obtaining official status, the “Auditing Standards Board” personally took up the coins. Its task is to prepare a specific project according to the rules for the circulation of cryptocurrency within the state. The development of the document should take about six months (while it is not available).
Why did Japan recognize cryptocurrency?
The government began to realize that many Japanese cryptocurrency exchanges were gaining momentum. And given that in 2015 alone, the turnover of cryptocurrencies in the country amounted to 185 billion yen (1.67 billion US dollars), the prospects for this financial instrument are simply huge.
It is expected that by 2020 the turnover of cryptocurrency in Japan will be about 1 trillion yen.
Today, those cryptocurrency exchanges that are located in Japan have significantly increased their turnover. Based on what? The government has taken one simple step: officially recognized digital coins. And here it should be noted that the Chinese government on September 27 banned cryptocurrency as a means of payment. There is only one result: the ICO ban in China has actually moved all financial projects (startups) to Japan. The largest bitcoin marketplace in Japan, Coincheck, receives hundreds of applications daily from Chinese companies that worked on the basis of cryptocurrency (accepted it as payment).
Immediately, the Japanese financial regulator issues licenses to 11 national cryptocurrency exchanges, which can also accept applications from Chinese representatives.
The current Japanese cryptocurrency exchanges have received a huge perspective, as they were able to increase their turnover due to bans from China and Korea. These sites have great potential.
And now about the largest cryptocurrency exchange in Japan - Coincheck. The project first started working in 2014. The head office is located in Tokyo (the capital). The main task of the exchange: storage of bitcoins + the possibility of trading (buying / selling) within the state and abroad.
The number of clients of the Coincheck cryptocurrency exchange is growing daily (especially due to recent events in China and Korea). Administrators do not have time to accept applications and add new projects. Coincheck's monthly turnover is more than 33 million US dollars!
To date, the Coincheck exchange offers several “products” at once:
- Cryptocurrency to fiat money exchanger;
- Online wallet for maximum security of funds storage;
- API for merchants and developers who can independently develop new cryptocurrency-related projects in the future (important feature).
The exchange has a long history of supporting numerous individuals and organizations that are willing to work with large amounts of funds and make acquisitions from 1 million to 10 million Japanese yen.
If you have a desire to invest in bitcoins, you should do it right now. You should definitely pay attention to the Japanese cryptocurrency exchange Coincheck. This site is the largest in the country. Under no circumstances should you refuse to work with her.
For those who are interested in cryptocurrency in more detail, we note other Japanese cryptocurrency exchanges:
- Bitbank Inc.
- Bitpoint Japan Co. Ltd.
- Quoine Co. Ltd.
- Fisco Cryptocurrency Exchange Inc.
- btc box co. Ltd.
- Tech Bureau Co. Ltd. (Zaif Exchange)
- GMO-Z.com Co. Ltd.
- Campfire Corporation
- Bit Trade Co. Ltd.
- bitcrements bitcoin exchange
- Tokyo Bitcoin Co. Ltd.
- minnano bitcoin
Choose, register and earn while cryptocurrencies and bitcoins in particular are in a huge financial trend!
Mitsubishi UFJ Financial Group (MUFG) is scheduled to launch new cryptocurrency, which will be called MUFG Coin. A related application has already been submitted by the Japanese Financial Group to the Financial Services Agency. At the same time, MUFG representatives have repeatedly stated recently that the new coin will be much better than bitcoin. So, what is MUFG Coin cryptocurrency?
MUFG Coin and MUFG Trust
So, MUFG Coin is a new Japanese cryptocurrency, which is planned to be launched this year. In particular, a cryptocurrency exchange will be created, backed by the national currency - the yen, as well as a service of separate bitcoin accounts for users of other platforms.
It should be noted that the new digital coin will be pegged to the Japanese yen in a ratio of one to one, while changing the rate after its launch is allowed. According to experts, this will level out the sharp jumps in the value of the new cryptocurrency, and will also make it more attractive to users in the process of making transactions.
The service mentioned above will be intended for traders of MUFG Trust and will provide an opportunity to conduct trades without transferring their finances to exchange control. Thus, securing user coins from potential hacking or unforeseen bankruptcy trading floors. Including through this service potentially dangerous activities on the account of the owner of the cryptocurrency will be monitored and noted.
Initially, MUFG Trust, scheduled to launch in April 2018, will only be available for BTC. This date is due to the likely timing of the recognition by the Financial Services Agency of bitcoin as an asset that can be transferred under the management of trusts. A fee will be charged for using the server.
Reason for creating MUFG Coin
Experts note that the main reasons for the creation of the Bank of Tokyo - Mitsubishi UFJ own cryptocurrency are the following. The first is the prospect of significant cost savings with the coin. Secondly, the possibility of changing the way financial transactions are managed. It is assumed that blockchain technology will make the process of transactions smoother and the banking system more profitable.
By creating MUFG Coin, the Japanese financial group is making a significant contribution to the development and study of cryptocurrencies and the decentralized network.
TOKYO, 1 April. /Corr. TASS Alexei Zavrachaev/. Cryptocurrency, including bitcoin, has received the status of a means of payment in Japan today in accordance with the law on currency regulation adopted earlier by the country's parliament. At the same time, the document itself states that it performs the function of a currency, and only the yen is the official currency.
At the same time, a number of issues related to taxation and accounting for ongoing transactions using virtual currency remain unresolved. As expected, the Japanese Board of Auditing Standards will be able to prepare a single set of rules in this regard only six months later.
share of risk
Since at present there are no clear rules for regulating transactions in cryptocurrency, and its rate is subject to sharp changes, this carries a fairly large share of the risk. “For example, if a company holds funds in bitcoins, then due to the inability to accurately estimate these amounts of funds, it may suffer large losses at some point,” the Nikkei newspaper quotes Chikako Suzuki from the audit and consulting company PricewaterhouseCoopers Aarata. .
At the same time, Yoichiro Hirano, director of the Association for the Development of Blockchain Technologies (virtual currencies appeared on the basis of it) Yoichiro Hirano believes that of all virtual currencies, Bitcoin is completely safe to use, and its market prospects are very high. “Bitcoin itself is really safe, since there have been no serious problems with it since the creation of blockchain technologies in 2009,” he said in an interview with the Mynavi portal.
"There is an opinion that virtual currency is very easy to use for money laundering, since it is traded freely on the market. However, in fact, such operations are much easier to carry out with ordinary money. It's all about the transparency of the bitcoin market, which guarantees its development in the near future," - added the expert.
Bitcoins are "virtual money" - online software code that is not regulated by any country or banking supervisory authority. One of the features of bitcoin is that it is able to guarantee the complete anonymity of a person or a group of people who make purchases with it.
Bank policy
In connection with the entry into force of the new law, Japanese banks plan to come to grips with testing blockchain technologies. Especially for this, the Association of Japan Banks intends to create by April 2018 new platform for relevant tests by both large and regional institutions. This entire process will be supported by the Bank of Japan (Central Bank) and the Financial Services Agency.
The ultimate goal of this project is to explore the use of blockchain technologies for interbank money transfers, which can reduce the associated costs. This is primarily due to the lack of need to maintain large servers to store transaction data.
According to Japanese experts, in case of success of this experiment and the introduction of new technologies by large banks, the costs of money transfers will be reduced by about 5%. This, in turn, will lead to lower banking fees and increase customer demand for banking services.
In the summer of 2016, the Japanese bank Tokyo - Mitsubishi UFJ (BTMU) invested about $10.5 million in the American cryptocurrency operator Coinbase in order to create a new budget system transfer of funds, which allows you to convert cryptocurrency into cash in bank accounts. Wherein Money transfers under this system will be subject to a minimum commission.
Japanese market
According to research institute Fuji Chimera, the use of cryptocurrency within Japan in 2015 amounted to 185 billion yen ($1.67 billion). However, experts predict that by 2020 this figure will increase by almost 10 times. The most promising market is mobile payments in online stores.
In addition, the so-called points system is rapidly developing, which the buyer receives as a bonus when making purchases on the global network. Thus, Rakuten, the largest Internet retailer in Japan, has a system of issuing credit cards, paying with which purchases, the client is credited with a certain number of "points" to his virtual account - one "point" is equal to one yen.
You can use them as virtual currency to purchase goods through the Rakuten website. At the same time, with an increase in the number of transactions, the user is awarded more and more virtual points, and to the credit card you can link absolutely any current payments, including, for example, utility bills.
Blockchain in Russia
In the summer of 2016, the Bank of Russia announced the creation of a consortium to study blockchain technology. In addition to the regulator itself, it included the largest Russian banks: Sberbank, Tinkoff Bank, Alfa-Bank, Binbank, Otkritie Bank, as well as Qiwi and Accenture. In early February, Sberbank Factoring and M.Video conducted transactions based on the blockchain, having developed an encryption algorithm with confirmation of supply data.
The first blockchain transaction in Russia took place in December 2016. It was conducted by S7 Airlines and Alfa-Bank. The airline settled with one of its counterparties using a letter of credit, and the payment transaction was carried out by Alfa Bank in the form of a transaction based on smart contracts, and this data was recorded in the blockchain.
As for cryptocurrencies, including bitcoin, the Russian authorities have repeatedly spoken about them in a negative way. In 2014, the Central Bank and the Prosecutor General's Office declared bitcoins a monetary surrogate, and their release in Russia was prohibited.
The idea of self-sufficient and absolutely independent financial platforms is not new. The first was bitcoin and its blockchain technology, and after that, followers began to appear. In 2014, the virtual cryptocurrency market was replenished with a novelty of Japanese origin - Monacoin.
In principle, all cryptocurrencies in the world are perceived with suspicion, since they do not have stable support. That is, in fact, they are a big zilch in the real world, and at any moment they can turn into dust. Of course, this will not happen if the popularity of cryptocurrencies grows, because it is the interest of users that is the main factor that supports most cryptocurrencies on high level, including monacoin.
This cryptocurrency was developed in Japan and over the years of its existence has reached the level of 6-7 dollars at a price. The rate is not very stable, therefore it is often used for speculation when traders are trying to make money. Naturally, this contributes to the appearance of fundamental fluctuations. But, nevertheless, now this coin is one of the main players in the market. Therefore, it does not hurt to get to know her in more detail.
Monacoin - Japanese cryptocurrency
Japan rightfully occupies one of the leading positions in the world market. She especially advanced in technology, and, of course, judging by the rumors, she became the founder of the very first crypto-coin - bitcoin. Its creator was a person or group of people who call themselves Satoshi Nakamoto. It is not surprising that another currency has appeared - Monacoin, and the prospects for the mona cryptocurrency are no worse than those of its older brother. Let's see if these coins can really win people's hearts. But wait, they've already done it!
Monacoin review shows that this is a true Japanese coin. Do you know how it translates from Japanese? This is a “cute cat”, and the official website of the coin states: “MONA is a lovely ASCII Art charactor in Japan”. So basically it's a cat coin.
Of course, it sounds frivolous, but for Japan this is normal, which does not reduce the significance and coolness of the coin. She became one of the first that fired after hundreds of thousands of failures of other new products. And this is on the world market, where new crypto-coins appear almost every day. It's just that they don't last long. And this coin exists and has been growing in price since 2014.
In addition, the world already has a dog coin - Dogecoin, and to expand the zoo, only a cat was missing. And the Japanese decided to fix this by creating the Monacoin coin, which immediately became one of the most popular in the world. Apparently, cats are loved not only in Japan, but throughout the globe. At some point in 2014 (when it was created), this coin even entered the top 10 world crypto coins, which almost no one could do before.
This has become a phenomenon that world-class financiers and economists are still studying, and cannot find the reason why Monacoin is growing. But we know what's going on here. Apparently, the reason is that the Japanese once again boasted, creating something cute. The cat on the coin is so cute. And this despite the fact that specifications more than standard cat coins;
In general, standard indicators that did not portend any special relationship. Although experts see the reason in the Japanese national mentality. In Japan, there are companies that accept payments in Monacoin. And there are firms that work exclusively with monacoins.
Constant monitoring on television, where they talk about cat coins and what you can buy for them, also did its job. But the main trick to popularize the coin is that you can buy a plot of land for them, and Japanese land is worth as much as gold or even platinum. To afford a plot, you have to be extremely rich, and coins can be earned simply by solving blocks, that is, with the help of quality equipment. Enough ordinary powerful computer, so anyone can mine cryptocurrency right at home.
The first miners were seriously enriched by extracting a decent asset from coins and selling them for serious money (ordinary or by exchanging for another cryptocurrency). The fact is that the price has increased THREE times. This is a colossal figure for a fledgling currency, and since then it has been in the top 50 cryptocurrencies of the world, among thousands of coins created before and after it.
Thus, the Japanese have created a national symbol for themselves. An excellent move, considering that it is difficult to find a more Japanese coin than monacoin. In addition, most miners and coin holders live in this country. The economy of Japan is sharpening for monacoin, creating many exchanges, auctions, firms, etc. that really work with this cryptocurrency, and not just in words, like ours. And if you believe the forecasts, then Japanese banks will even close loans with the help of cat coins, given their current exchange rate.
In other countries, the demand for the coin is less pronounced, but it also exists. So it doesn’t hurt to stock up on monacoins. They have excellent prospects, especially in 2018, when the Japanese coin began to grow without stopping. There hasn't been a recession for more than a month, so it's a great option for saving money. True, you need to think about whether you are ready for the risk that the coin may lose value. And this may well happen to her, even if now the coins are actively growing.
History of creation
As already mentioned, Japan is a country that loves everything new. It seems that people there are already living in the future with robots, space technologies that have become commonplace, etc. It is not surprising that they did not ignore the area of cryptocurrencies. This is how the truly Japanese cryptocurrency MCO appeared, the symbol of which was a cute cat depicted on the coin itself.
The history of creation dates back to 2014, because it was in January of this year that the developers announced the launch of a new cryptocurrency - Monacoin. Although some sources indicate that it was created in December 2013. Nevertheless, 2014 is considered the official date of creation of the coin in question.
Coins (monaco, coin, etc.) is a cryptocurrency that can be called a clone of Litecoin. The fact is that it was from this cryptocurrency that the SegWit code was copied. And already in March, they held a soft fork to start supporting the cryptocurrency.
Very little is known about the coin. This is due to the following circumstances:
In general, the coin remains a dark horse, more precisely, a cat, which is why it is so interesting to learn more about its history. So let's make do with the information we have.
But on May 24, another statement appeared that added fuel to the fire, where Chris Marsalek called the future deal “revolutionary”. It said that thanks to the implementation of the idea, the innovative program "Cryptocurrency Cashback" will be used. And when the program is implemented, the user will receive a lot of benefits. In particular, he will be able to replenish, send, exchange and spend his coins at improved exchange rates. And after that, no more statements and comments. But the process has started, and only time will tell where it will go.
And, of course, those who are interested in how monacoin will not be able to work without knowing the encryption method and algorithm. And in this case this is Script. In principle, this is so far all that is known about the history of the creation of the "seal" of the cryptocurrency. But, most likely, these coins will still surprise us.
Technical specifications
The technical characteristics of monacoin do not differ in anything special. In principle, the developers did not set out to surprise anyone. On the contrary, they headed for standard indicators:
- The most standard Script encryption algorithm, which is the basis of many popular cryptocurrencies, therefore, in this case, the developers decided not to risk inventing something new, but to use a well-proven option;
- You can mine cryptocurrency through blocks, that is, again, we have a standard version of the system. On this moment the price of the found block is 25 tokens, although until recently it was 50 units;
- In order to confirm the operation, or more precisely, to determine new block, it will take about one and a half to two minutes. So in this vein, the considered altcoin also did not surprise with anything.
- The total number of coins for mining is about 100 million.
As with all other cryptocurrencies, the coin platform is intangible. The price of an asset is not tied to any cash, gold funds and other material resources. And information about ongoing transactions can be obtained in open access, although personal data is not used anywhere, thus protecting the privacy of users. In general, a fairly standard set, although Monacoin was launched without a premine.
The Monacoin cryptocurrency has been developed on paring technology, which ensures its self-sufficiency and reliability. It allows you to work even without having a large number users. And again, the DGW algorithm contributed to this freedom. As for the convenience of users, in technical terms, this was also taken care of, since the monacoin (mona) cryptocurrency wallet is able to work on all known operating systems, including on Windows and MAC.
Proof-of-Work (which can be selected) is used to process information, providing more reliable protection against interference. The technical nuances are well thought out, thanks to which hacking the system is more of a miracle than a common occurrence. That is, in technical terms, the extraction and storage of the cryptocurrency in question is absolutely safe, which is the main advantage of the Japanese coin. So far, the technology is being used in Japan, but it has all the conditions to become international. So you can start mining cryptocurrency.
Wallets and exchanges
In order to mine cryptocurrency, withdraw it and conduct various financial operations, you need to have a wallet that can work with the type of coins in question. It is not easy to choose, since not all wallets, even multi-currency ones, can boast of being able to help you withdraw monacoin.
Wallets perform several vital functions at once:
Thus, when choosing a vault for your supply of monacoins, you need to pay attention to whether your newly created wallet meets these criteria.
It is best to store Monacoin on monacoin wallet. It can be downloaded from our website, or by following this link: https://monacoin.org/. This is a platform wallet that needs to be installed on any of the three major operating systems used in the world - Windows, Mac or Linux. A convenient option, tailored specifically for the cryptocurrency in question.
But after you download the wallet, you need to activate it via wallet.dat. In general, the procedure is standard. But it is alarming that there is too little information. Users are unfamiliar with how the monaco wallet works, and there is simply nowhere to see how problems are solved in financial transactions, because we have few miners who deal with this “cat”.
It has the following benefits:
- It is highly secure, as it is the only alternative if you want to buy a cryptocurrency like monaco;
- If you install the wallet on one of the specified operating systems, it will function without problems;
- Transactions are fast and fees are low. But you can only take advantage of this advantage in Japan, because it is there that many financial transactions can be carried out using this coin;
- Adequate technical support.
In general, even if there is only one wallet for Monaco cryptocurrency, the application is quite good. In addition, the already mentioned Visa card was issued along with Monaco, and now it has become even easier to conduct financial transactions with its help.
The Monappy platform requires special attention, which is a large user community. Inside, the system provides access for the purchase and sale of various goods. If necessary, users can give donations to streamers on Twitch. The only but huge drawback is that this portal only works in Japanese.
To follow the course, analyze charts and conduct transactions with monacoin, you can use exchanges. But due to the fact that MONA is one of the currencies that work only in Japan, and in other countries it remains just a nice coin, it is difficult to find an exchange where you can find up-to-date information. However, there are several options:
As you can see, most exchanges operate in the MONA/BTC pair, although there is an exception - Bleutrade, where trading is carried out with the MONA/DOGE pair. True, there the trading volume is minimal and amounts to only 14.143 MONA per day. And you can get monacoins through monacoin faucet.
Advantages
Each cryptocurrency has its advantages and disadvantages, but now let's not talk about the bad, because Monaco is a cryptocurrency that has many advantages. If you highlight the main advantages, you can create the following list:
In general, coins have an extensive list of advantages, thanks to which they began to pay attention not only in Japan, but also in the world.
disadvantages
Despite the extensive list of advantages of the mco cryptocurrency, it also has its drawbacks. It would not be entirely fair to ignore them, thereby misleading potential traders and miners.
But the complexity of the monacoin network means that these shortcomings can be bypassed or never experienced. You just need to carefully study the properties and capabilities of the platform and the features of the coins. Like, for example, the fact that even if you transfer coins to an account that never existed, the transfer will be made. The system automatically fixes the new address and thus anyone can already make transfers to it.
MCO course
The Japanese took Dogikon as the basis for their currency, the excitement around which was at one time in the USA and Europe. The peculiarity of the monacoin rate is that it was formed gradually and uncertainly. True, at the initial stage of its existence, in the spring of 2014, this cryptocurrency literally burst into space and entered the top market leaders. Just as quickly she entered, just as quickly she flew out of there.
The digital "cat" cryptocurrency Monacoin created the same noise around itself, but only in Japan, because it is there that the exchange of monacoin occurs most often. Initially, the coin’s performance reached a good result of $4.5 million, then there was a sharp rise, and a week later, a decline. There was no such jump again, and traders lost interest in the newly appeared currency.
The reason, apparently, is that the majority of the cryptocurrency in question was stored in Japan, and none of the Western traders could and did not want to compete with this market. So, slowly, monacoin exchangers became the property of only one country, even though the currency was consistently ranked 17th in the general list.
However, the MCO rate can be seen on the online chart below.
The monaco coin calculator can be found at the same addresses. And the price of Monaco’s cryptocurrency is only growing so far. Over the past couple of months, its price has increased several times and the direction of decline is still imperceptible.
And for 2017, the course looked like this:
prospects
The prospects for monacoin are very bright. This coin has become an established token. With its help, you can perform many operations:
- You can pay with Monacoin both in real and virtual stores;
- The coin is easy to exchange for real money;
- Pay for the work of large organizations;
- Conduct auctions and receive payment for the lot with this cryptocurrency.
Today Monacoin is trusted ordinary users and large firms. The overall outlook for the monaco cryptocurrency is not bad. In particular, the creators are actively improving the code and there are already good results. So, on March 8, 2017, the coin passed a soft fork, which is required to support the cryptocurrency. And on April 15, it turned out to take another important step - to cross the line of 75%, which Samson Moe, who is the director of Blockstream, immediately mentioned on his Twitter.
True, there are also concerns regarding the prospects, because the currency is too focused on the Japanese market, which may prevent it from showing itself on the world platform. But the network is stable and resistant to congestion. Perhaps its exoticism will play a role in popularizing the coin.
According to Koji Higashi, co-founder of IndieSquare, accepting bitcoin as a form of payment and taking effect on April 1 this year could do more harm than good to the emerging cryptocurrency industry.
Japan creates its Bitlicense
After the tragic death of the infamous Japanese exchange and the arrest of its director, Mark Karpelès, Japanese lawmakers have begun to consider creating rules governing the operation of Bitcoin and other cryptocurrencies.
The development of the regulatory framework lasted more than two years. The first bill was submitted to the Japanese Parliament (a legislature made up of an upper and lower house) in March last year, and amendments to the Payment Services Act and the Act on Prevention of Crime Transfers Transfer of Crimina Proceeds) were made back in May 2016. New projects have now been approved containing more than detailed instructions and recommendations for working with cryptocurrencies.
The new law, which took effect on April 1, is designed to protect consumers and help them distinguish between safe, that is, approved, exchanges and fraudulent organizations. The law also recognizes cryptocurrencies as a legal payment method in Japan, keeping people from investing in so-called fraudulent coins, counterfeit digital assets, and debt coins (IOU tokens).
However, according to Koji Higashi, co-founder of IndieSquare and director of public relations at the Counterparty Foundation, despite being praised by the Japanese and Western media, the new legal framework could cause serious problems in the Japanese Bitcoin community.
In a blog post, Higashi lays out the main problems of what he calls the "Japanese Bitlicense" because of the similarities between American and Japanese legislative initiatives:
“I believe that the law that has come into force in the long term may be much more destructive for the Japanese community than Bitlicense was for New York.”
Even worse than New York?
Bitlicense - special regulations that imposed ineffective requirements and frameworks on cryptocurrency (for example, obtaining a BitLicense costs exchanges more than $100,000. Coinbase has been the only exchange that has the right to operate in New York for two years), were negatively received by the cryptocurrency community due to infringement of the rights of startups. As a result, some exchanges, such as and , no longer work with clients from New York.
And now Japan is doing the same, Higashi explains:
“If you don’t like the excessive legal costs and fees for cryptocurrenciesstart-ups, then the new Japanese law is unlikely to please you".
Among other things, the new requirements include the provision by cryptocurrency exchanges of a business plan for 3 years, separate management in cash, certain requirements for customer identification (KYC) and anti-money laundering (AML) procedures, private reporting to regulators and external audits.
According to some experts, the costs associated with the state verification of the exchange can reach 300,000 - 500,000 dollars. In addition, additional fees and paperwork requirements will also apply to companies operating outside of trading platforms – decentralized P2P exchanges are also subject to the new requirements.
Higashi notes: “Whether the new Japanese requirements will cost more than Bitlicense is difficult to say, but I can say for sure that the costs will be high enough to cause serious financial problems for startups, and in some cases they can cause the demise of many of them.”
Another problem with the new law is that under the new rules, all digital currencies must be included in the official list of approved coins. Although such a step will help to protect users from fraud to some extent, in the end everything may end up with the fact that those coins that are not on the list and at the same time are quite reliable will be compromised and put on a par with fakes.
Bitcoin in Japan
The new rules could certainly have a negative impact on cryptocurrency startups in Japan. However, at the same time, they can contribute to the emergence of greater confidence in cryptocurrencies among new members of the community. The digital currency market in Japan is the fastest growing in the world today, with the volume of cryptocurrency trading in Japan recently surpassing that of China and the US.
Interest in Bitcoin is growing in the country both from ordinary people and from investors and trading platforms. Blockchain is also in the interest of companies and the government. The Japanese cryptocurrency community is one of the most active when it comes to investments and ICOs. How the new legislation will affect the activity of users and the work of cryptocurrency companies will become clear in the near future.