Japanese whales will
(if the Japanese people actually don't eat the whales...lol... such irony)
https://www.cointelegraph.com/news/japan-becomes-largest-bitcoin-market-as-traders-leave-china
I am pretty confident that China will come back as a significant actor. The Chinese gvt is not dumb and the only thing they have to do is regulate.
A copy paste of what we see in the USA is perfect
a- Exchanges need to be certified and validated to trade BTC-ALT pairs.
--> Only the top ones in China will remain.
b- Trading BTC-FIAT requires a specific licence, like Coinbase has (close to a banking licence for instance)
--> Maybe the sites will limit the volume of CNY you can put in. For sure, only a handful will be able to do that, and they will have to ensure a strong KYC solution so that the PBoC can track movements of currency.
c- Cleaning up the mess with ICOs.
KYC is key. NEO should become the official currency for ICOs, assuming they comply with strict KYC solutions
--> maybe only the exchanges allowig FIAT trading, hence having this KYC solution will be able to pilot ICOs, using a NEO Wallet.
Once this is done, China will come back to its normal weight in the ecosystem: 20%-30% of trading probably.
Bottom line:
Look for 2 things today
1- put a bit of money on NEO and QTUM. These will moon the moment the PBoC communicates its plans.
2- find the Japanese ETH... (note: it may be ETH... LOL)