Japan has become one of the largest markets in the world for cryptocurrencies. Trading in bitcoin-Japanese yen accounted for about 57.6 percent of total bitcoin trading volume, according to CryptoCompare.
Japanese authorities recognized bitcoin as legal tender last April and require cryptocurrency exchanges to register with the government. Sixteen exchanges have done so, March 7, reported by FuninUSA.
Hong Kong-based Binance was operating in Japan through the internet without a license for a virtual currency exchange. Recently, Japan’s Financial Services Agency issued a warning Friday to major cryptocurrency exchange Binance for operating without registration in the country.
Binance CEO Changpeng Zhao confirmed receipt of the warning, tweeting: "Our lawyers called JFSA immediately, and will find a solution.” Reported in FuninUSA, Zhao has once expressed that the company tried to get a license in Japan but has decided to remove its staff from its office.
We know very well that upto this point whatever is written is all about the Japan and this country is completely in favour of the crypto currency. This is why they also managed to gather many financial ministers together and tried to have the Gobal Summit to bring the crypto currency under legal tender. Many countries accepted it too and this will impact the bitcoin prices real soon and we need to give time for that to happen.
Japan is always excelling in the crypto currency and that is why they were able to finance so many exchanger in so short period of time.
Bitcoin traded 3.4 percent lower near $8,417, according to CoinDesk at 10:20 a.m. ET. As you know, this price is nearly half the price when bitcoin hit its highest price last year.
That is just temporary and as I mentioned earlier it is all about the time that we need to spend on the current and future developments of the bitcoin to push the prices upwards.
With the stricter regulation of cryptocurrency, what do you think is the trend of bitcoin price? Also, what’s the possibility that bitcoin would become a prevalent method of payment? Huh
This is global question and it can be solved with different countries coming together. This is not about the single country and we cant really say anything about it until all the countries regulations comes under one roof!