It is no longer news that Japan is at the forefront when it comes to cryptocurrency adoption. This has earned it the potential honor of becoming the number one major market for cryptocurrency in the world. However, Weiss Ratings says China could be just as big if not bigger than Japan if only it integrates it. The statement was in response to a post by Joseph Young, a renowned Hong-Kong based crypto investor, analyst, and author.
— Weiss Ratings (@WeissRatings) January 24, 2019
China guilty of resisting the crypto industry
At one point, even crypto-related events were not allowed in China, which led to experts expressing fear that China may lose its influence on the industry. Despite these hurdles, China’s economy is still largely made up of the cryptocurrency industry with major companies like the exchange Bit-Z, OkCoin, and crypto billionaires such as Li Xiaolai. Imagine where the country would be if it gave crypto a chance!
Anyone who has been following trends in the cryptocurrency industry knows that the industry has had it with China. First, the buying and selling of crypto were banned in China. This, however, did not stop its citizens from trading Bitcoin at the time using peer-to-peer exchange.
Japan, a hub for crypto
Japan, on the other hand, has been very friendly towards cryptocurrency and crypto startups. For starters, it has some of the top crypto companies including BitBank, Line Financial, CoinCheck, and BiTrade to name a few. In fact, Japan falls into the category of Malta which has become a hub for crypto startups.
It can’t be surprising therefore that it is soon to become the first major market for the industry. If China gave crypto half the opportunity Japan has given the industry, it definitely would have been the very first major market as Weiss Ratings said.