Japan to lead crypto space and top crypto destinations in 2020?

Japan, one of the world leaders in blockchain development, has been tipped to be leading the top crypto destinations in 2020.

Believed to be the where crypto originated from, the country remains one of the first countries that regulated cryptocurrency activities, including exchanges.

Japan’s Financial Services Agency (FSA) has continued over time to regulate crypto institutions and dealers.

This is in lieu of a series of hack attacks as well as the Mt. Gox two billion United States dollars worth of hacks, which are still being settled in court and its planned takeover by Fortress.

Bitflyer activities, too, have allowed for a major push up in the crypto space in the country. Following the re-launch of the trading platform, reports have it that the domestic population continues to turn away from crypto as institutions are increasingly getting into the field of blockchain such as Rakuten.

However, the blockchain institutional investment is expected to soar in the coming year, and having a regulated crypto environment adds appeal to the country as the preferred destination given for other investors.

The hallmark of this prediction is hinged on the fact that crypto adoption and user base in the country continues to surge.

Top crypto destinations: success stories so far

With the trend among retail traders in Japan, Rakuten dubbed Japan’s Amazon, and the largest retailing store launched its android wallet in August, pushing it in the list of top crypto destinations.

This allowed customers to store and trade in crypto and other coins as against the Japanese Yen.

Rakuten, as part of landmarks achieved and to encourage its customers, allowed that clients could begin to convert their loyalty points to either Bitcoin, Ether, or Bitcoin Cash.

This allows more people to adopt crypto also in the East Asian country. While, on May 31, the Japanese House of Representatives amended two cryptocurrency-related laws, the Payment Services Act and the Financial Instruments and Exchange Act, which will come into effect in April 2020.

Most Japanese crypto exchanges have welcomed the changes since they expect more institutional investors to join the crypto industry in 2020.

Domestic factors to be considered

Several Japanese investors have switched to cryptocurrency in Japan because of the low-interest rate the country offers alongside the fact that domestic savings are high.

These factors, along with the high-level financial literacy rate, which has made a lot of investors, switch to crypto and accelerated the development of blockchain in the country. This is part of the reasons Japan is tipped to being one for the top crypto destinations to watch out for.

However, it must be mentioned that blockchain and crypto growth in Japan is higher when compared to other countries of the world. The year 2020 is expected to bring a bigger prospect for the East Asian country and Japan would surely be leading the world among the a top crypto destinations.

Featured image by Pixabay