Japan has legalized cryptocurrencies. In Japan, cryptocurrency received the status of a means of payment

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Japan recently legalized cryptocurrency as a form of payment, and interest in Bitcoin in the country continues to grow exponentially. In addition, according to statements from cryptocurrency companies such as Coincheck, thousands of merchants will begin accepting virtual currency as payment this year.

You've probably heard more than once about similar promises from Japan aimed at widespread adoption of Bitcoin. This is partly true, but there is also a lot of exaggeration, and even ordinary deception. When you walk down the street and visit places that are supposed to accept Bitcoin, you are bound to encounter some problems and unexpected surprises.

Last month, representatives from BitKan, a cryptocurrency trading services company headquartered in Shenzhen, visited Japan to see for themselves the growing interest in Bitcoin in the region.

Bitkan stated that they are excited to see the growing influence of cryptocurrency that is now taking place in Japan. In March, the company decided to send chief marketing officer Ruby Chen to Tokyo to see how easy it was to pay for services in the country using bitcoin.

During her three-day visit to Tokyo, Chen decided to make a video about her personal experience using Bitcoin in the Japanese city. The first establishment was Hackers Bar in Roppongi, where you can pay for food and drinks with bitcoins. Chen successfully paid for an order placed at an establishment where you can also “consult with a hacker.” Hackers Bar accepted bitcoin through payment processor Coincheck, and the owner was happy to help Chen pay her bill. Using her own wallet, Chen was able to pay the bill in minutes while discussing cryptocurrency with the bar owner.

The day after visiting Hackers Bar, Chen visited the Bitcoin.com office to discuss Bitcoin adoption with general director Roger Ver. Chen turned to him to learn more about how to spend bitcoins in Tokyo, since she believes that Ver, like no one else, will help understand this issue. A Bitkan representative asked Vera if it was possible to live on Bitcoin in Japan, and if he had any suggestions for Chen to walk for Bitcoin in Tokyo.

“It’s a little complicated at the moment, but it’s getting easier every month because there are a lot of companies in Tokyo making it easier for people to use Bitcoin.”- Ver explains.

"To live for b bitcoins in Japan, you need to find a landlord who can accept bitcoins directly - you can book a hotel on Expedia.com. There are also a few restaurants there that accept Bitcoin, and you might be able to live off Bitcoin for a while in Tokyo.”

The Bitcoin.com team told Chen that their office is always open and ready to help her with Bitcoin-related questions. After talking with Bitcoin.com employees, Chen went to a nearby store to continue the experiment. However, the owner was against filming.

The next day, Chen visited a Sushi restaurant located in Ginza that accepts Bitcoin. Despite the slight language barrier for Chen, as none of the employees spoke English, they were still able to complete the payment in Bitcoin. At the end of the meal, Chen paid in Bitcoin using the Coincheck device.

“Today we have coped with the task much more successfully,- Chen said, “Even though it was more expensive, I really enjoyed today’s Bitcoin meal.”

After Sushi, Chen decided to visit Sensoji Temple and rented a kimono from a rental shop along the way. The store owner accepted bitcoins, so he allowed Chen to pay for the kimono rental in digital currency. The Bitcoin payment process took a few minutes, and Chen was able to rent a Japanese suit for her trip.

Overall, according to Chen, the trip was successful, but there are a number of difficulties for the full use of Bitcoin in Japan. So, in an interview with the cryptocurrency resource 8BTC, she said:

“At every opportunity I tried to use bitcoins. In fact, it is very difficult for those who only have bitcoins, especially if they want to carry out a minor transaction like exchanging bitcoins for yen to pay for a subway ride.

The infrastructure is not yet fully ready to accept Bitcoin. However, the atmosphere here gets much better and we actually managed to pay for our meals by transferring bitcoins from our wallet the owner of the restaurant. These restaurant and store owners accept Bitcoin for a variety of reasons. Some do it for their friends, while others do it simply because there are customers willing to pay with Bitcoin. But in any case, now that the Japanese government supports Bitcoin as a payment method, this cryptocurrency is certainly becoming more and more popular.”

Chen hopes that with Japan's recently passed digital currency legalization law, Bitcoin will become easier to use in the region.

According to BitKan representatives, the event was a success; Chinese Bitcoin enthusiasts really liked the videos, which caused a surge of positive comments.

During the experiment, it was possible to see the real picture of the acceptance of Bitcoin by merchants in the country. And although there are still some inconveniences, BitKan views the Japanese market from a positive perspective. Especially after the Japanese government, which introduced a new law on cryptocurrency, began regulating the industry, which will subsequently make the Japanese market more competitive.

At the end of the experiment, Sandy Liang, COO of BitKan, agreed to answer our questions:

1. What types of businesses were more willing to support payments in Bitcoin?

We looked for such places on Coinmap, most of them are located in Roppongi. These are mainly recreational areas such as restaurants and bars.

2. What was their reaction to your offer to pay in Bitcoin?

These places are marked with “Bitcoin accepted” stickers (we accept bitcoins). We saw that they were quite familiar with the payment process.

3. Is the Bitcoin payment option subject to verification at these locations?

Most of these places that accept Bitcoin use payment processors such as Coincheck.

4. As experience shows in general, is it possible to live in Tokyo only on bitcoins?

We should note that it is not yet very convenient to use Bitcoin in Tokyo to cover all expenses, compared to fiat. Nowadays it is very difficult to live only on bitcoins. But the situation is simplified. In addition to the locations listed on Coinmap, we can also convert Bitcoin to Japanese Yen using Bitcoin ATMs.

5. Were there any incentives to use Bitcoin for payment? (discounts, etc.)

We did not receive any discount when paying with Bitcoin. And we didn't find any discounts at all.

6. Have you tried to pay in bitcoins for a hotel room, was it successful?

We thought about this before, but unfortunately we did not find a platform that provides search services for such hotels. We also didn't think about the possibility of finding a landlord who accepts Bitcoin.

7. Was the Bitcoin price cheaper or higher than the yen?

A little bit higher.

8. Have you talked to local Bitcoin enthusiasts regardingpayments in bitcoins for anything in Tokyo?

Yes, we talked to them. They do this sometimes, but just for fun or experimentation.

It is worth noting the fact that many Japanese cryptocurrency enthusiasts are actually Chinese. Sandy Liang said her team was surprised to discover that several large and regular Bitcoin traders in Japan were actually Chinese.

“Price fluctuations indicate that there is a difference between prices in the Chinese and Japanese markets,”- she said. “Depending on where prices are higher that week, if you can trade in both countries, you can use arbitrage.”

Bitkan's Bitcoin survival experiment shows that government openness will drive Bitcoin adoption in the commercial community. China has overtaken Japan in terms of GDP, and it can do the same in terms of adoption by the crypto world.

At the same time, despite the adoption of the law, cryptocurrencies in Japan have not become legal tender.

In most countries of the world, cryptocurrencies are not recognized as legal means of payment, which can be used to purchase goods and services and mutual settlements, and also cannot be part of the currency exchange system. At the same time, there is no legislation that strictly prohibits the use of cryptocurrencies as means of payment.

This ambiguous status has led to the conversion of cryptocurrencies into the “shadows” - semi-legal financial offices have appeared that provide services for exchanging cryptocurrencies for legal currency and making payments with conversion when purchasing goods or services. Some such companies are registered in Japan.

Thanks to the adopted law, Japanese companies, whose internal rules allow working with cryptocurrency, can now use Bitcoin and Ethtereum for mutual settlements with each other. In addition, companies and individuals can purchase this virtual money as a commodity, not subject to the mandatory eight percent consumption tax.

Consumption tax in Japan is a kind of analogue of value added tax. In Japan, consumption tax is paid on the purchase of most goods and services and is a tool for balancing the government budget. For example, to counter the financial crisis and support low-income families, the tax was increased in 2014 from five to eight percent.

Meanwhile, despite the adoption of the law on virtual currencies, Bitcoin and Ethereum specified in it did not become legal tender in Japan. This means that companies and individuals cannot use this currency to directly purchase goods and services. Instead, they are required to use the services of registered exchange offices.

In order to obtain the status of a registered cryptocurrency exchange, a company in Japan, according to the new law, must have an authorized capital of at least ten million yen (88.2 thousand dollars) and a secure computer system for conducting financial transactions. In addition, such an organization is required to undergo an audit every year.

At the beginning of March of this year, the rate of one bitcoin on the shadow market for the first time in the history of this currency exceeded the rate of a troy ounce of gold (31 grams). On March 3, the cost of one bitcoin reached $1,280, while a troy ounce of gold was trading at $1,233. At the same time, Bitcoin is known for its sharp volatility. So, in mid-2015, one bitcoin cost just under $200.

Japan is one of those countries that today are on the verge of scientific achievements and technical innovation. Therefore, it is not surprising that the sector of cryptocurrency payment systems here is developing in broad strides: new Japanese cryptocurrencies, hundreds of crypto exchanges are opening, legislation is being improved, and the popularity of the market among the population is growing at a rapid pace. Next, we will study what the Land of the Rising Sun can offer to the cryptocurrency market, indicating whether it is worth investing in Japanese crypto projects.

Cryptocurrencies in Japan: laws and features

Just a few years ago, the Japanese authorities did not even think about what cryptocurrency is – why it is needed and how to regulate this market. The head of the country's Central Bank considered virtual money a dummy and, possibly, a financial bubble that was about to burst. But time passed, the bubble did not burst, and the cryptocurrency market grew by leaps and bounds, and this forced the Japanese authorities to take a closer look at the new financial instrument and decide what to do with it - execute or pardon.

When did Japan legalize cryptocurrencies?

The main reason for the revision of Japanese officials’ attitude towards the new financial instrument was the collapse of the MtGox cryptocurrency exchange, which until 2013 was actually a monopolist in this market, through which up to 80% of all Bitcoin trading transactions took place. The collapse took place at the beginning of 2014 due to bankruptcy - the exchange eventually discovered the loss of 850 thousand bitcoins, 200 thousand of which were eventually found (or returned by the owner of the site, according to one version). This theft of cryptocurrency in Japan caused panic in the market and led to a fall in the Bitcoin rate.

In addition, this event and subsequent legal proceedings that lasted throughout 2015 showed that virtual money has a real objective value that can be measured in fiat currency, and the market itself needs to be regulated and controlled by the state in order to protect its participants from fraud or force majeure circumstances (at least through insurance).

As a result, Japan legalized cryptocurrencies - Bitcoin and Ethereum were recognized as legal means of payment that can be used when making purchases and sales of goods or services on the Internet or offline. However, in fairness, it is worth emphasizing that this was a partial legalization, since normal regulation of cryptocurrencies in Japan appeared only in April 2017, when laws changing the fiscal, financial and civil legal framework of the country came into force. But this is not yet a complete victory for virtual money in the Land of the Rising Sun.

Regulation of cryptocurrencies in Japan

Although the new Japanese legislation on cryptocurrencies recognized their “functions similar to money,” they never received the status of “currency.” Thus, cryptocurrencies in Japan can be used for mutual settlements, and in addition, fiat money can be invested in them to preserve their value and/or receive investment profit, but all such transactions are not considered foreign exchange and are regulated by separate legislation.

In addition to determining the legal status, the regulation of cryptocurrencies in Japan has affected crypto exchanges. Mandatory licensing has been introduced for them, which is the responsibility of the Japanese Financial Services Agency (FSA). Moreover, in order to obtain a license, a cryptocurrency exchange must comply with KYC/AML (Know Your Customer and Anti-Money Laundering) standards and be transparent, i.e. show their owners and ultimate beneficiaries.

Only Japanese resident companies can apply for a license. The decision is made within two months. If a refusal is received, the exchange must cease its activities in the country. In the first months after the regulation of cryptocurrencies was introduced in Japan, more than 11 sites received a license to be a crypto exchange (in September last year) and somewhere around a couple hundred applicants stood in the FSA queue to receive this status.

As for fiscal legislation, cryptocurrency owners in Japan were exempted from having to pay consumption tax (JCT) - an analogue of the usual value added tax (VAT). However, at the same time, Japanese cryptocurrencies and their foreign analogues fell under fiscal obligations to pay income tax if any use of virtual money brought profit to their owner or associated person.

Regulation of cryptocurrencies in Japan in matters related to ICOs is carried out without specialized legislation. The initial issue/allocation of coins here is subject to the Payment Services Law: the issuer must register properly with the Japanese financial bureau at its place of business. If the ICO is used for investment, then such activity falls under the Law on Exchanges and Financial Instruments.

The largest cryptocurrency theft in the world occurred in Japan

On January 26, 2018, one of the largest cryptocurrency exchanges, CoinCheck, registered in the Land of the Rising Sun, suddenly suspended the withdrawal of funds due to a series of suspicious events. First, all requests for the withdrawal of NEM coins (abbreviated on the exchange - XEM) were frozen, then this affected the rest of the cryptocurrencies, and in the end the withdrawal of fiat money was stopped. After another short period of time, trading in all currencies except Bitcoin was stopped. Transactions with cards and deposits also became unavailable.

As it turned out, the reason for the “freeze” was the largest theft of cryptocurrency in Japan, due to which 260 thousand people lost a total of about 400 million dollars (at the exchange rate at the time of the hack). This theft was the largest in the new millennium, and it once again showed that despite all the security, cryptocurrency can be stolen if you hack not the blockchain, but third party services, where coin owners store data to access their account.

According to the president of NEM. io Foundation by Lon Wong, the NEM platform code is not compromised in any way, and CoinCheck's mistake is that they did not use multi-signature smart contracts. Lon Wong urged Japanese cryptocurrency exchanges not to repeat the mistakes of CoinCheck, neglecting security tools due to their own laziness or desire to save money.

Interestingly, as a result of the scandal, it turned out that the largest Japanese exchange, CoinCheck, was never registered with the FSA. Now this site will definitely get a license, if only it can recover after hacker attack and not join the ranks of bankrupts.

Note: Japanese cryptocurrency NEM seventh in terms of capitalization in the world, after the theft its rate continues to fall, despite the general rise of the market.

What makes the Japanese cryptocurrency group stand out?

The main feature that sets Japanese cryptocurrencies apart from other virtual money is their support by the local population. Probably, in no other country are domestic coins as popular as in Japan, despite the fact that their price and capitalization are significantly lower than the main mastodons of this market (Bitcoin, Ethereum, Dash and others).

In all other respects, the Japanese group of cryptocurrencies corresponds to their foreign counterparts. The Japanese have not yet come up with any blockchain innovations. Their payment platforms are analogues of foreign projects without any significant changes in their technologies. There are even “funny” coins in them.

Japanese cryptocurrencies – list and review

Japanese programmers joined the race to conquer the market for cryptographic payment systems quite late, despite the fact that Japan was one of the first countries where crypto exchanges appeared, and the fact that the creator of Bitcoin, Satoshi Nakamoto, may have been Japanese himself. Next, we will review the most popular Japanese cryptocurrencies, the list of which is constantly updated with new items.

The first Japanese cryptocurrency MONACOIN, Monacoin (MONA)

Monacoin is considered the first Japanese cryptocurrency, which appeared in 2013 based on the Litecoin blockchain. According to its creator (or creators), the MONACOIN payment platform is designed to become an alternative to fiat money with a decentralized management system and maximum anonymity.

Key features of MONACOIN:

• the Script algorithm is used for encryption;
• to increase the difficulty of mining, the DGW algorithm is used;
• the speed of creating a block of the blockchain chain is about 2 minutes;
• the maximum volume of money supply is about 100 million coins;
• reward for creating a block – 30 coins (as of January 5, 2018);
• total coins mined – 15,790,763 XMR coins;
• The average transaction fee is $5.68.

In general, MONACOIN does not stand out among other cryptocurrencies, and its popularity is explained by the fact that it is the first Japanese coin.

Japanese analogue of Ethereum – CARDANO, Karnado (ADA)

The Japanese cryptocurrency CARDANO was launched not so long ago – on September 29, 2017. Although fundraising for this project was launched back in 2015. Carnado was created by Blockchain Development Output Hong Kong (IOHK) led by Charles Hoskinson, former co-founder of BitShares and Ethereum. This project aims to leverage user decentralized application smart contracts using blockchain sidechains, multi-party computing, and metadata.

The creators of CARDANO intend to develop their platform around the Recursive InterNetwork Architecture (RINA), which will use a consensus algorithm called Ouroboros proof of stake. In this protocol, full nodes elected by the community generate new blocks on the blockchain and verify transactions. Any slot that has an ADA coin can become such a full node. Cardano uses Haskell, a highly fault-tolerant programming language.

Features of the Carnado platform:

• the maximum size of the money supply is 45 billion coins;
• coins mined – 25927070538 ADA;
• availability of ample opportunities for creating smart contracts and custom blockchain applications;
• collective management of the platform, carried out through consensus of the majority of participants;
• Three structures (IOHK, Cardano Foundation, Emurgo) are working on the development of the project independently of each other;
• market capitalization – $8066146924.

This Japanese cryptocurrency is notable for the fact that its creator once had a hand in the launch of the second coin in the world – Ethereum. Therefore, after its release, CARDANO received great support both among ordinary people and among large investors and DAps developers.

Forgotten coin for fast transfers FUJICOIN, Fujicoin (FJC)

This project was launched back in the summer of 2014, and it was planned that it would occupy the niche of a fast, anonymous, reliable and cheap means of payment for purchasing goods and services on the Internet, i.e. will be the Japanese equivalent of Dash. But this money platform did not gain fame and was practically forgotten by the world almost immediately after its launch. FUJICOIN survived only thanks to the Japanese commitment to domestic projects.

Features of Fujicoin:

• achieving consensus via PoW with Script-N11 add-on;
• blockchain block creation speed – 1 minute;
• increasing difficulty: with each new block (using Kimoto's gravity well);
• The maximum size of the money supply is 10 trillion coins.

Only Japanese cryptocurrency exchanges trade FJC coins, and only in the Land of the Rising Sun have people even heard anything about this project. In the West and in Russia, no one is interested in these tokens, either from an investment or from a technical point of view - there are thousands of more promising platforms.

Lonely tree SAKURACOIN, Sakurakoin (SKR)

The SAKURACOIN coin is a virtual currency that can process the block chain of the old Monarchy coin, which lasted approximately 8 hours in 2013/12/23. Almost nothing more is known about this coin, since its official website exists in the form of a Japanese-language forum, where there is almost no useful information. Except for the information about where to download the wallet and how to mine SKR.

SAKURACOIN Specifications:

• block creation time – 1.5 minutes;
• the maximum size of the money supply is 105.1 coins;
• consensus algorithm - PoW.

Cute cat cryptocurrency NYANCOIN, NYAN

You may not believe it, but there is a Japanese group of cryptocurrencies that were created just to glorify everyone’s favorite cute, fluffy, meowing cats (or to laugh at it) - the Japanese are funny people. This particular currency was created in honor of the cartoon character “Nyan Cat”, who became popular thanks to a 10-hour video on YouTube.

It’s funny, but this coin did not disappear immediately after its creation, but even acquired an objective value.

They also want to make this cryptocurrency the first licensed cryptocurrency in the world, so that it can then be used for some commercial and/or marketing purposes.

Not quite a cryptocurrency COMSA, Komsa (CMS)

After Japan legalized cryptocurrencies, projects began to appear on this market that use blockchain technologies, but are not cryptocurrency payment systems in the usual sense of the term. The COMSA platform is one of them. In fact, this is a private platform on the basis of which an entire ecosystem of user applications will be created with its own branches of the blockchain chain. Including, perhaps, to create new Japanese cryptocurrencies.

However, it is worth emphasizing right away that COMSA does not have any decentralization, anonymity or other features of crypto money. This platform is being created on the basis of 9 servers (the number will grow with the growth of the project), which will play the role of masternodes in this system, i.e. will create blocks and maintain the functionality of the platform. They can be easily hacked, disabled or simply destroyed, so this platform is obviously not very reliable.

Now the Komsa project is at the stage of initial coin issue (ICO), which should have been completed in November last year. But it seems that the required amount has not yet been collected, and therefore the collection of money to launch the project continues.

Once the COMSA platform goes live, its clients will be offered the following list of services:

• release and sale of tokens through ICO based on the COMSA platform;
• development and launch of applications based on blockchain technologies;
• asset tokenization;
• preparation of technical documentation to support ICO (multilingual);
• legal support for ICO;
• withdrawal of tokens through the Zaif cryptocurrency exchange;
• development of smart contracts based on the blockchain chains of NEM and Ethereum cryptocurrencies.

You can invest in COMSA using XEM, BTC and ETH coins.

The first decentralized "YAJU SENPAI" in the world of YAJUCOIN, Jaucoin (YAJU)

YAJU SENPAI is a famous Japanese Internet meme. Just like Pepe and Doge, only in the 18+ theme (a parody of “adult” content). This coin was created in honor of this meme, and in fact does not stand out in any other way.

YAJUCOIN Specification:

• consensus is achieved via PoS + PoW with Scrypt add-on;
• the maximum size of the money supply is 81 million coins;
• block creation time – 64 seconds;
• the number of blocks to confirm a transaction is 6 blocks.

The YAJUCOIN project is at the ICO stage and is most likely closed or forgotten.

Crypto exchange coin – ZAIF, Zeive (ZAIF)

ZAIF is a Japanese cryptocurrency exchange that became famous because at the end of February 2018 its user discovered a bug that allowed him to buy coins for free. The lucky guy bought $20 trillion worth of coins. True, his happiness was short-lived, since he went too far with the amount and attracted attention as technical service exchanges, and those platforms through which he wanted to withdraw free coins. As a result, the system was rolled back before the failure occurred and everyone was left alone.

The ZAIF cryptocurrency is an attempt by this site to create its own coin, which will probably fail soon. The site shows a 404 error, trading volume has dropped to zero. And there is no news regarding this money platform.

Japanese cryptocurrency NEM, Nem (XEM)

Initially, NEM (short for “New Economy Movement”) was planned to be created on the basis of a cryptocurrency under the designation NXT (short for exchanges – XEM), but the changes conceived by the developers were so far from the original that in the end account, it was decided to write its own blockchain code using languages Java programming and JavaScript. Key Feature This project is that consensus is achieved through a non-standard algorithm called POI (Proof-of-Importance - “proof of importance” in English).

It takes into account 3 characteristics of the user account:

• total time the account was active on the NEM network;
• wallet denomination (number of coins);
• user activity (total number of transactions).

In addition, the Japanese cryptocurrency NEM uses the Eigentrust++ network user reputation system, an in-platform messaging and multi-signature system.

In terms of the purpose of creation and scope of application, the Japanese cryptocurrency NEM was launched to use its blockchain as a platform for managing databases in various communities and organizations. In particular, to take financial and accounting reporting to a new level or to manage inventories. And it’s worth saying that this idea was quite successful and in demand, since the project will receive enormous support from the community.

New Japanese cryptocurrencies: TOP 3 promising projects

The above describes projects that have either already been launched or are at the ICO stage. Now let's look at those projects that are about to be launched, and at the same time have a great chance of success, since they are supported by large players or companies. There are not very many of them, but making a small rating “Japanese cryptocurrencies TOP-3” will be enough.

1. The brainchild of bankers - J Coin

On September 26, 2017, a consortium of large Japanese banks, consisting of Japan Post Bank Company, Limited and Mizuho Financial Group, Inc., announced that they intend to create their own Japanese cryptocurrency called “J Coin”. The launch of the platform is scheduled for 2020, right in time for the end of the Olympic Games.

It is assumed that the cost of this virtual currency will be strictly pegged to the yen and will use a centralized platform rather than a decentralized one, as is usually the case. In other words, J Coin will be used to service online banking transactions built on blockchain technology. Similar to how WebMoney, Qiwi or Yandex.Money work now, only based on cryptography and blockchain.

2. Crypto coin instead of points and bonuses – Rakuten Coin

One of the largest IT companies in Japan, Rakuten, intends to create its own crypto-coin based on the currently operating Rakuten Super Points ecosystem (reputation and customer loyalty). Company representatives did not announce any specific details, dates or specifications. It is only known that the new Japanese cryptocurrency will be called “Rakuten Coin” and its tokens will somehow replace points in the Rakuten Super Points loyalty program.

3. Crypto coin for online banking MUFG Coin

Back in early 2016, the largest Japanese bank Mitsubishi UFJ Financial Group, Inc. (capitalization 2.141 billion yen) unveiled its plans to create a cryptographic money platform based on the blockchain. According to the bankers, the new coin will be called “MUFG Coin” and will be the virtual equivalent of the yen with a 1:1 ratio. They plan to launch the project 100% in 10 years.

It is assumed that this coin will serve:

• consumers and private business;
• investment banking and corporate capital;
• real estate investments;
• asset Management.

As is obvious, this coin is included in the list of digital platforms for servicing bank payments. Similar Japanese cryptocurrencies, the list of which is constantly growing, apparently will soon appear like mushrooms after the autumn rain. At least until this country has a national digital payment system, using blockchain.

Popular cryptocurrencies in Japan TOP-5

Despite the fact that there was another major cryptocurrency theft in Japan not long ago, the popularity of virtual money in this country is growing by leaps and bounds. More and more people are joining the blockchain community by purchasing or creating their own cryptocurrencies. And if the latter were mentioned above, now it’s time to talk about the most popular cryptocurrencies in Japan.

TOP-1	BITCOIN	No matter which country you look at, the first cryptocurrency in the world remains so in any country, since it is the most expensive, the most famous and it brings the most profit from mining, investment and trading. The Land of the Rising Sun is no exception here: if you look at Japanese cryptocurrency exchanges, their statistics will show that the Japanese, like investors from other countries, prefer to buy bitcoins. At the same time, the most transactions are for the BTC/JPY pair.
TOP-2	RIPPLE	This coin is popular in this country for the same reasons as Bitcoin. I trade it on almost all local crypto exchanges, and mostly only with the help of yen. But there are exceptions when Ripple (abbreviated on exchanges as XRP) is changed to Bitcoin, Ethereum or JPY. It is interesting that many local exchanges trade exclusively Ripple, without paying attention to other virtual coins.
TOP 3	ETHEREUM	Another place in the ranking that will not surprise anyone. Yes Ethereum is popular in Japan, and that's to be expected. Especially considering the interest of local companies in smart contracts. Most often, ether is purchased for bitcoins or yen.
TOP 4	NEM (XEM)	This platform is supported by a local development team and has great support among the Japanese, as they can directly participate in its development. In addition, this project is interesting in itself, which is proven by its 13th place among all cryptocurrencies in the world in terms of capitalization.
TOP 5	MONACOIN	Our ranking of the most popular cryptocurrencies in Japan is completed by another local project – MONACOIN. This coin is not spoiled by its popularity on world platforms, but it is highly respected by the local population.

Japanese cryptocurrency exchanges

Site name	Registration date	Interface language
Bitbank	2015.06.23	Japanese
Zaif Exchange	28.05.2014	Japanese, English
CoinCheck	17.07.2014	Japanese, English
Queen	13.01.2014	Japanese, English, Indonesian
Fisco Cryptocurrency	2016.06.29	Japanese
Bitpoint Japan	June 2016	Japanese
Btc Box	13.02.2014	Japanese, Chinese, English
Tokyo Bitcoin	–	Japanese
GMO-Z.com Coin	October 2016	Japanese, Russian
Campfire Corporation	–	Japanese
Minnano Bitcoin	–	Japanese
Bitcrement Bitcoin	year 2013	Japanese, Chinese, Korean, English
Bitpoint Japan	–	Japanese
Bit Trade	–	Japanese-
Bitbank Inc. Exchange	2015.06.23	Japanese

Conclusion

On this moment, Japanese cryptocurrencies are one of the most interesting areas for investment, which is due both to their high place in the ranking of cryptocurrency platforms in terms of capitalization, and to the fact that they have great support among the local population, which means there are risks of losing their money from - due to the loss of popularity of one or another coin, they are greatly reduced. Therefore, if you intend to invest your money in this market, pay attention to Cardano, Monero, NEM or other Japanese coins, given the development of the local IT technology market, perhaps they will take off this year.

Forex cryptocurrencies: features, differences and list of trading platforms. How to trade cryptocurrency on Forex?

Today, Bitcoin in Japan is a legally recognized currency. Bitcoin holders are protected by law, and its circulation today is not regulated. Let's look at how the status of cryptocurrency has changed in the land of the rising sun, and what threats it faces now.

Early 2013: Chinese investors transfer assets to Japan

The explosion of popularity in Japan came in 2013, when China introduced a package of laws restricting the exchange of Bitcoin. Crypto investors moved their accounts to a cryptocurrency-liberal country.

Over time, bitcoin has evolved from a tool for investment and speculation into a full-fledged widespread currency. Online stores began to accept Bitcoin for payment, and Japanese freelancers accepted cryptocurrencies on a par with . Soon Japan took the first position in terms of domestic Bitcoin turnover, and Japanese exchanges today process from 30 to 50% of all transactions.

April 2016: legalization

Due to the widespread use of Bitcoin as a payment currency, the government has legalized cryptocurrency and other virtual currencies.

By this time, the turnover of cryptocurrencies in Japan exceeded two billion dollars (this is an estimate of the value at the exchange rate of all bitcoins, ethereum, litecoins and other cryptocurrencies whose holders use the yen as the main fiat currency). At that time, it was already considered normal in Japan to pay employees in Bitcoin.

Commenting on legalization, the authorities warned that

The real value of virtual currency is difficult to assess, which is why holders may suffer unexpected losses.

December 2017: Ministry of Finance invites to discuss regulation

The Japanese Finance Minister spoke about Bitcoin, noting that the cryptocurrency has not yet proven its reliability, and that it still remains a tool for speculation.

No one has yet defined Bitcoin as a currency. It's a difficult question

he said.

The minister also called on the G-20 countries to discuss the issue of regulating cryptocurrency at the global level.

What does this mean for us?

Any news about upcoming regulation pushes people to withdraw Bitcoin and, as a result, to . Over the past week, amid news about the ban on Bitcoin in South Korea and possible regulation in Japan, the rate fell below 15 thousand dollars, falling in price by more than 10 percent per day. This was a natural decline following a sharp jump, but in the future such initiatives will lead to an even greater decline, since according to various estimates, today the yen accounts for up to 50% of all global bitcoin trading. Until this point, crypto investors viewed Japan as the only first world country with a clear position on the legalization of bitcoin.

What do you think, will Japan introduce real restrictions on Bitcoin or will everything be limited to disapproving statements? Write about it in the comments to the article.