The presence of Mt. Gox Cryptocurrency Company in Tokyo for the past 5 years made Japan one of the locations with highest biotin markets and other crypto currency exchanges. This company was established in Tokyo in 2010 and known to hold about seventy percent of the entire bitcoin transitions in the year 2013 making it the largest bitcoin exchange platform in the entire world. However, in 2014 this company was known to discontinue bitcoin and other cryptocurrencies exchanges, quit all exchange services and even go as far as closing the website and also filing for bankruptcy. Major reasons for the sudden fall of this company have been attributed to some factors including unprofessional conduct, deception, and theft or even these factors put together.
The Bitcoin Market in Tokyo Japan and What You Need To Know
While there are many other crypto currencies in Japan bitcoin is known as the most popular and wildly traded digital currencies. This was true until the unlucky Mt. Gox downfall after losing millions of dollar worth of coins and money putting many putting into a great loss. Bitcoin business has been begging for recognition and legality in other parts of the world but in Japan both bitcoin and other digital currencies are recognized officially as a commodity. But the inconsistent past of bitcoin in Tokyo brought about a huge setback in the exchange and trading of digital currency until recently when bitcoin is fighting hard to rebound back to the true value and acceptability among traders and investors in Japan.
Crypto Currency Exchange in Tokyo Japan
Presently the Government of Japan has projected a legal exchange that will be able to define both bitcoin and other digital currencies so to enhance cryptocurrency exchange in the country. That is to say there will be more control and regulation on cryptocurrency than ever in Japan which can increase cryptocurrency exchange list. For that reason, this will certainly result in investment in crypto currency infrastructure development in Japan. Another thing about this reform is that it will attract more crypto currency exchange companies into the marketing making transaction with bitcoin easier and simpler.
Victims of Bitcoin Demise in Tokyo Japan
The demise of Mt Gox has put most investors and Bitcoin traders into a serious loss. More than $2.6 million dollars were said to have vanished into a thin air according to Karpeles CEO of Mt Gox, which made customers conclude that Karpeles embezzled the money just to fund his private project somewhere.
The Fate of Bitcoin Market in Tokyo Japan
To straighten bitcoin values and other crypto currencies in Japan, the government has made them be acceptable as a real commodity which one can buy and sell at any point in time. Also, with the newly instituted regulations on cryptocurrency exchange people can now trade on bitcoin without any fear of losing their money easily. Among the regulatory orders is that any company that wants to work as bitcoin exchange must register an account with the regulatory or control authority in Japan.