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Crypto Samurais

By Hermitworldwide | Wired For Greatness | Educated For Greed | 10 Dec 2020

Crypto Samurais

Japan is the home country to the creator of the bitcoin algorithm, Satoshi Nakamoto. It's only fair to think that unlike most countries in the they would go easy on the cryptocurrencies. After almost ten years of the bitcoin creation that Japan decided to legalise crypto currency on April 2017.

Despite the pandemic, Japan continues to approve more cryptocurrencies exchanges to legally operate in the country. The sum total of the exchanges is now at 23 legal cryptocurrencies exchange platforms. Many big and popular names now legal in Japan are Bitcoin (obviously), Bitcoin Cash, Ethereum, Light coin, Manero amongst others that are now legally traded with open minds freely sharing it with peers. Crypto exchange operators are required to register with the Japanese Financial Services agency, the agency started registering crypto exchanges back in 2017 September.

Japanese are known to be very logical, disciplined and very reasonable, finding the most efficient ways to doing things. It is a no brainer why even with the global pandemic, Japan is busy approving cryptocurrencies businesses to operate legally in the country. The approval of these cryptocurrencies business has brought great financial freedom to the citizens and choice of variety between the exchanges, this means less pressure for the government to deal with. Instead of worrying about a whole country's population, the government has one more reason not to hear complains from its citizens.

The Japanese Virtual Currency Exchange a self regulating organization approved by the FSA, the JVCE has established some self regulatory guidelines for crypto exchanges to follow. All 23 registered crypto exchanges in Japan are class 1 members of JVCE. There is also class 2 for the unlicenced companies by FSA such as Coinbase, Payward Asia, and Wirex Japan.

11 of the registered companies were registered in 2017. Such as Money Partners, Quoine, Bitflyer, Bitbank, SBI VC Trade, GMO Coin, Huobi Japan (formerly Bittrade), Btcbox, Bitpoint Japan, Fisco Cryptocurrency Exchange, and Tech Bureau.

In 2018 coincheck was reported hacked, for this reason there was no crypto exchange registered. The FSA halted the process, tightened it's oversight on the industry, conducted inspection of the exchanges and revised it's methods of approval. After the hack coincheck was acquired by monex group and was finally registered on the 11 January 2019.

Some Cool Crypto Samurais Facts

Japan was the first country to have enacted the law defining crypto assets as a legal term and requires an entity to register as a crypto exchange.
Japan is home to BitCoin founder Satoshi Nakamoto.
Japan legalised crypto exchanges in order to protect asset exchange customers and civil rehabilitation.
Guidance for a Risk-Based Approach to Virtual Currencies was published by the Financial Act Task Force
During the system hack, Coincheck lost approximately US$530 million worth of crypto assets.
There is a whole Blockchain and cryptocurrency regulation webpage with so much more...

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