Japan eyes lenient KYC in G20 summit while exchanges see 200pc surge

Japan crypto regulations

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Japan has always been the hub of innovation and technology. The Japanese have shown far more acceptance for crypto space than others. Japan is currently planning to take up the cryptocurrency case in the G20 summit meeting.

They were the first few countries to integrate crypto space in their economy. While on the other hand, recent news revealed that crypto exchanges in Japan had seen a two hundred percent (200%) rise in crypto accounts over the course of the past two months.

Bitpoint, DMM Bitcoin and Coincheck are leading cryptocurrency exchanges in Japan. According to their collective reports, the interest of the masses in the crypto space has increased significantly since March 2019.

This indicates that people who previously were not interested in crypto are now developing an interest in it. The rising number of accounts on crypto exchanges indicates that more people are not open to adopting cryptocurrencies.

This sentiment was also boosted because of the recent bullish market momentum in crypto space. This bullish market trend gave these hesitant investors some confidence to finally experience the space themselves. It is possible that most of the bullish trend was due to this as well.

The aforementioned crypto trading exchanges have revealed their analysis. Bitpoint noticed that the rate of new accounts increased three times in May and two times in April as compared to March.

Similarly, DMM noticed that the number of new accounts opened in May was the multiple of the numbers in March.

On the other hand, Coincheck experienced a three times increase in new account numbers in May as opposed to in March.

Just recently, Kraken also experienced a nine million dollars ($9.3 million) gain over the course of two days only. This means Japan is on its way to massive crypto adoption and the government is committed to take Japan on this path.

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Taha Farooqui

Taha specializes in copywriting & translating texts. He aims to cover cryptocurrencies & blockchain in both English and local dialects in the Middle Eastern regions. He has helped write, translate, and localize the material related to cryptocurrencies and blockchain.

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