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Japan has the world’s most progressive regulatory and remains a friendly environment for cryptocurrencies, climate for cryptocurrencies and, as of April 2017, recognizes Bitcoin and other digital currencies as legal property under the Payment Services Act. Japan is the world’s biggest market for Bitcoin and, in December 2017, the National Tax Agency ruled that gains on cryptocurrencies should be categorized as ‘miscellaneous income’ and investors taxed at rates of 15%-55%.
A regulatory timeline held in japan
- February, 2014 – Japanese company Mt. Gox, the world’s largest cryptocurrency exchange at the time, ceases trading and files for bankruptcy. The losses incurred by creditors spur the Japanese government to implement protective measures for consumers using digital currencies.
- June, 2015 – The G7’s Anti-Money Laundering (AML) initiative, the Financial Action Task Force (FATF), publishes ‘Guidance for a Risk-Based Approach to Virtual Currencies’. This requires all cryptocurrency exchanges to be licenced and compliant with AML and KYC (know-your-customer) laws.
- March, 2016 – As a result of the report, a bill to amend the Payment Services Act to align more closely with the FATF’s recommendations is submitted to the Japanese Diet. The amendments are passed in May.
- April, 2017 – The new, updated Payment Services Act comes into effect. Cryptocurrency is now legal in Japan. 16 exchanges register with Japan’s Financial Services Agency (FSA) by the end of the year.
- January 2018 – Crypto exchange Coincheck reveals that more than $500 million worth of digital currencies held in their systems have been stolen by hackers.
- March 2018 – The FSA takes a pragmatic, measured response to the Coincheck hack, forming a Virtual Exchange Services study group to refine crypto regulation. This results in the formation of the Japan Virtual Currency Exchange Association (JVCEA), a self-regulating body operating in collaboration with the 16 registered Virtual Currency Exchange Service Providers. The JVCEA provides advice for unregistered exchanges and monitors AML and regulatory compliance.
- August 2019 – Wirex is officially registered as a Type II member of the JVCEA after a comprehensive two-year evaluation process.
In Japan cryptocurrency as payment method
The acknowledgment of Bitcoin as a payment method sees a surge in the usage across payment service providers. Based on Global benchmark cryptocurrency studied by Dr. Garrick Hileman & Michel Rauchs, APAC usage of cryptocurrency are distributed among 36% (merchant services), 35% (B2B payments), 82% (money transfer service) and 37% (cryptocurrency platform). Though 41% of cryptocurrency payment companies portrayed the insufficient regulatory environment and felt that additional structure was necessary to its current state, there was still among 23% of them support JPY currencies. 18% of the global exchanges supported JPY for trading and was among the leading global currency.
Cryptocurrency Exchanges in Japan
Cryptocurrency exchange regulations in Japan are similarly progressive. Exchanges are legal in Japan, but after a series of high profile hacks, including the notorious Coincheck heist of $530 million in digital currency, crypto regulations have become an urgent national concern. Japan’s Financial Services Agency (FSA) has stepped up efforts to regulate trading and exchanges: amendments to the Payment Services Act now require cryptocurrency exchanges to be registered with the FSA in order to operate – a process which can take up to six months, and which imposes stricter requirements around both cybersecurity and AML/CFT.
Japan remains a friendly environment for cryptocurrencies, but growing AML concerns are drawing the FSA’s attention to further regulatory steps. Following talks between exchanges and the FSA, an agreement to form a self-regulatory body – the Japanese Virtual Currency Exchange Association (JVCEA) – was put in place. The JVCEA will provide advice to as-yet unlicensed exchanges and promote regulatory compliance.
How japan welcomes newer innovative technologies?
Japan has always been very forward thinking and looking for ways to innovate across all aspects of technology. Japan was the tech capital of the world for decades, and even if it may seem that a lot of the focus has shifted to its neighbours, a lot of technology still originates from Japan and innovation continues.
Also, the country has a lot of investors looking for new opportunities to invest in a country that has a very low federal interest rate, even reaching negative interest rates at times. These two factors have sparked interest in cryptocurrencies and crypto-assets as a way for Japan to shape the future of crypto.
Coinjoker- Cryptocurrency Exchange Development Company in Japan
Whenever you think of building cryptocurrency exchange development in japan you do just think of getting a cryptocurrency exchange development company that provides or claims to provide you with a number of different cryptocurrency services.
Eventhough there are many companies present among that you may think of a company which will provide you high-quality cryptocurrency exchange services which are reliable and will target all your major concerns that might be related to building cryptocurrency exchange website. Coinjoker offers various cryptocurrency exchange development services, cryptocurrency wallet, various popular cryptocurrency exchanges like binance, coinbase, poloniex, paxful, remitano and more development company does just that and more.
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