The cryptocurrency world has been quite prolific for around a year or so, as a large amount of media attention has been paid to bitcoin and some of the other top coins by market capitalization in the space. Japan has notoriously been leading the global fight for the adoption of cryptocurrency, as many other nations have been fighting to shut down the world of crypto.
According to a recent report on the world of crypto “As of Jan. 15, yen accounts for 56.2 percent of bitcoin, or BTC, the most popular cryptocurrency, according to coinhills.com. Yen is followed by U.S. dollars at 28.4 percent, while all others account for 15.4 percent. Chinese yuan used to account for the largest until January 2017, but dropped after the state imposed strict restrictions on cryptocurrency trading.”
While bitcoin has continued to show a dominance on the crypto market, Japan has been the leader in the world of crypto overall. The number one position for the Asian nation comes from the fact that a solid legal system, with many individuals supporting the crypto world, leaves a nation that has become a safe-haven for cryptocurrency investors. With one of Japan’s neighbors, China, cracking down on the world of cryptocurrency, many individuals have decided to move their businesses to Japan, where regulation makes sense, and the industry is not at risk.
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Midori Kanemitsu, the chief financial officer for Japan’s largest cryptocurrency exchange, bitFlyer, stated that “Effectively, Japan is the first and only country that has a proper legal system regulating cryptocurrency trading. That’s a big deal. Before the law regulating cryptocurrencies, people worried what would happen to their money if an exchange were to go bust.” The hopes are high that the nation is able to keep it up, leading the fight for those without a say.