Bitcoin businesses worldwide are always looking for an air of mainstream legitimacy and approval, Japan Officially Recognizes Bitcoin and Digital Currencies as Money.
As word of approval in the European Union breaks, Bitcoin itself may be scaling even higher fences in Japan. Bitcoin has certainly had a checkered past in “The Land of The Rising Sun,” but has been making great strides to rebound over the past two years. Now, it appears that Bitcoin and the world of digital currency have officially been accepted as “having a function similar to money” within the island country.
If I must say, the best thing about my venture is how we can still be running profitable even though Bitcoin Exchange volume transaction goes down globally last year. We keep our business model as lean as possible while still maintaining our growth rate exponentially.
New Japanese regulations will require Bitcoin exchanges to adopt established KYC/AML standards used in other nations. Banks will be able to enter the burgeoning “Fintech” industry for future gains and asset management. Preventing new forms of money laundering through Bitcoin and maintaining consumer protection will also be goals in 2016.
Bitcoin has had a long and stressful history in Japan. The ill-fated Mt. Gox, led by Mark Karpeles, was the world’s leading Bitcoin exchange throughout 2012 and 2013. After rumors of fraud, mismanagement and embezzlement circulated within the Bitcoin community for months, Mt. Gox collapsed in February of 2014. This had dire ramifications for Bitcoin Exchange values, and Japanese interest of trust of Bitcoin Price, throughout 2014. Many Japanese mainstream media outlets reported Bitcoin Price collapsed with Mt. Gox, and locally they were considered one and the same.
As we Focus Regarding the Asian Trade 80 percent of Bitcoin Exchange buying & selling transactions are reportedly done against the Chinese Yuan, surpassing the U.S Dollar, Euro, and Yen. This strategy is made to provide a one-stop shop to our clients, as well as increase their customer base.
More merchants today do business with a PSP and would rather have multiple payment options through a PSP. Most of people were asking for this service, so it seemed like a perfect match. The operator of the Tokyo Stock Exchange has been working with a leading Japanese think tank as part of a months-long exploration of blockchain technology. The project will focus specifically on business use cases, with the expressed goal of developing blockchain prototypes aimed at securities market applications.
The struggling Japanese economy also may be a factor in this national regulatory approval as the country does not want to potentially miss out on the job and economic gains made by the burgeoning industry worldwide. These new bills will allow banks to consolidate their fund and system management more easily after realignment, as well as improve their business efficiency.
Payments can be made digitally, without the need for conversion to fiat currency. This implies that in the near future Bitcoins (crypto currency exchange) will become commonly accepted forms of payments by banks and major corporations or utility providers.
According to the Japan Times, the Japanese Cabinet has officially approved a set of bills that will help the integration of digital currency into the legacy banking system through regulation. As we at Coincheck.jp have reported, this legislation has been in the works for several weeks. The recent announcement formally makes what was already considered a foregone conclusion official.