Japan is quickly becoming a global center for blockchain ventures and cryptocurrency firms. Despite the region’s colorful history– the local authorities see merit in these new technologies in the global cryptocurrency industry. Major local conglomerates have begun to enter the sector, with some of them operating cryptocurrency exchanges.
Japan stands out when it comes to the regulatory aspect. Various other governments – including China, India, and some US states – make it nearly impossible for crypto firms to exist, let alone thrive. The firm support for this nascent industry makes Japan a haven for this type of activity. Even major domestic firms are now entering this booming industry through various means. Few of the technology and financial giants based in Japan- Rakuten, Line, SBI, DMM, GMO Internet etc have been conducting extensive research alongside being very proactive in the cryptocurrency world. Ranging from accepting Bitcoin payments to launching or operating a trading platform, the opportunities are virtually limitless.
GMO Internet is perhaps the most intriguing entity of them all. The company, valued at $2bn according to Bloomberg, is active in the mining and exchange industry. Additionally, they also announced a Bitcoin payroll service for its employees. In Japan, it will be possible to receive part of your paycheck in Bitcoin. A novel approach to dealing with recurring payments.
All of this further confirms Japan will continue to quest to become a global cryptocurrency hub. With troubled exchange Coincheck recently being acquired by Monex, another interesting development takes place. The country continues to show the rest of the world how a positive approach to cryptocurrency regulation can open a lot of new doors.