Japanese companies seem to be in the forefront in embracing the cryptocurrencies, as they look forward to offering its customers various crypto-related services. Around a fortnight back it was reported that 6 publicly listed companies on Japanese exchanges were planning to start a cryptocurrency exchange and if reports are to be believed 3 more companies have joined the bandwagon.
Japan taking the lead in crypto space
Japan has been one of the countries which have embraced cryptocurrencies effortlessly. From regulators to traders to corporates all seem to be working in and around it. The numbers of businesses working in support of these “currencies of the future” has been mind-blowing.
In April Japan’s Financial Services Agency (FSA) had released cryptocurrency trading statistics for the first time which said the country had 17 cryptocurrency exchanges as of Mar. 31 2018. It also said that there were at least 3.5 million individuals that are trading with cryptocurrencies as actual assets and Among them, crypto investors in their 20s, 30s, and 40s make up a major share, accounting for 28, 34, and 22 percent, respectively, of the total crypto trader population in Japan.
In April only, all Japanese exchanges had come together to form the first self-regulatory body for its cryptocurrency exchange industry, known as the Japanese Cryptocurrency Exchange Association (JCEA). There have also been continuous reports rise in queries regarding Japan’s Financial Services Agency (FSA) regarding cryptocurrencies and ICO’s.
Japanese corporate go cryptos way seeing the rise in demand
With demand increasing for cryptos in Japan and things look pretty much in place for the crypto ecosystem to bloom in the country, many corporates- especially publicly listed are forming business verticals or introducing offering around cryptocurrencies. It also started when SBI Group, Line Corp, and Yahoo! Japan announced their plans to launch crypto exchanges.
Six companies namely, Money Forward Inc, Drecom Co. Ltd, Yamane Medical Corporation, Adways Inc, Avex Inc, Daiwa Securities Group followed up applying for cryptocurrency licenses.
The latest to come onboard are Samurai & J Partners, Appbank Inc and I-Freek Mobile Inc. and the good part about them is they are not opening crypto exchanges but integrating cryptocurrencies in their offerings.
Samurai & J Partners whose subsidiary operates a crowdfunding platform that “connects individuals wanting to manage assets and companies that need money.” The platform, called Samurai, already lists a crypto-related fund called the Virtual Currency Mining Fund. Adding to this the firm recently announced its plans to enter into a “money lending business for virtual currency holders.”
Appbank Inc. last week announced the launch of its Virtual Currency Distribution Content Platform called @Blast. Using this platform, the company plans to “promote the spread of virtual currencies while providing users a place to interact with virtual currencies through this service.”
I-Freek Mobile Inc which is mobile content to cell phone users, recently announced that it has modified its Articles of Incorporation to add “virtual currency exchange” business.
Company’s integration of cryptocurrencies in the mainstream offering is really positive for the crypto ecosystem in Japan and surely considered as a stepping stone to making cryptocurrencies mainstream in the country.
Will more public companies in Japan follow this suit? Will more companies in other countries follow the suit of their Japanese counterparts? Do let us know your views on the same.