Japan is known as one of the countries in the world that legalize transaction with cryptocurrencies like bitcoin and others. The cryptocurrency market in Japan was known as the best in the world with MtGox holding about 70% of bitcoin trading in the world as at 2013. This continues until 2014 when MtGox collapsed following the vanishing of millions of dollar worth bitcoin and fiat currencies resulting to colossal lost in the market. However, since the incidence crypto bitcoin trading has not been what it used to be before in Japan.
The Fate of Cryptocurrency Market in Japan Following the New Regulation and Law
Japan is making an effort to become the world center for development of cryptocurrency and other virtual currencies. This is among the things that lead to the new regulation and laws in Japan on bitcoin exchange and other crypto currencies. The effects of recent regulation in Japan will not only be on cryptocurrencies but also in the amendment that will help lessen restrictions on the right of banks to invest in all kinds of business including non-financial businesses and others. The already approved regulation and law is made to recognize bitcoin and other virtual currencies as legal tender and can be used to make payment serving the same purpose of fiat currency.
What You Need To Know About FISCO and Cryptocurrency Market in Japan
There is going to be a great boost in the cryptocurrency market following the plan of FISCO to establish new virtual currency exchange. FISCO which is the well-known service provider of investment support in Japan will use their influence to truly boost the market through their newly invented exchange which will not only affect the bitcoin but also have an impact on other cryptocurrencies exchange. There are different kinds of financial services, B2C, B2B and several other monetary offshoot instruments which FISCO is intending to develop.
FISCO Decision and Decision of Japanese Government on Legality of Virtual Currencies
There is an influence in FISCO decision by the resolution of the Japanese government on the legalization of virtual currency. Just as fiat currencies are regarded for payment so cryptocurrency like bitcoin and others are already regarded in Japanese cabinet following the new law and regulation that was made in the country. Also, the Financial Service Agency is the authority that will control bitcoin according to the new regulation. That will help to enhance the value and acceptability of cryptocurrencies in Japan and other parts of the world.
The Effect of New Regulation and Law on Cryptocurrency Market in Japan
The effects of the newly made law and regulations on bitcoin are going be enormous. In order to make the exchanges more secured, crypto currency has been handed over to the authority of FSA. All the exchange providers and other companies that deal with virtual currency will need to be registered by the Federal Services Agencies (FSA) before they can start operation. It will help to make crypto currency exchange in Japan tighter, more secure, have scrupulous control without any kind of anonymity in a transaction.