Japan’s corporate world seems to be taking a liking to the digital platform. In the recent news, Japan has planned to embrace 6 new crypto-exchanges in their arms.
These crypto-platforms are launched by the listed public companies on the Tokyo Stock Exchange. Japan has 16 completely licensed crypto-exchanges, with another 8 applications of exchanges being reviewed by FSA, Japan’s Financial Service Agency.
The cryptocurrencies they will be trading are Bitcoin [BTC], Ethereum [ETH], Ripple [XRP] and Litecoin [LTC].
Last year, in April, a law legalizing cryptocurrencies as a medium of the payment went into action. The country had to require and register all the cryptocurrency exchanges to FSA.
These 6 Japanese companies revealed that this is their first time doing business in cryptocurrency exchange platforms. These budding public companies will join the previous companies, who had announced their plans to launch crypto-exchanges, such as – SBI Group, Yahoo! Japan, and Line Corp. Japan’s future cryptocurrency exchange traders are Money Forward, Drecom, Yamane Medical Corporation, Adways, Avex and Daiwa Securities Group.
A brief insight into these public companies:
- Money Forward Inc is a Budget-managing App. It was launched in 2012. It has 5.5 million users and is one of the popular financial technology startups. They are widely known as the first developers of digital Kakeibo App, which is a household booking app.
- Drecom Co. Ltd is a company active in developing and marketing entertainment content for PC and Mobile.
Yamane Medical Corporation deals in personal care and nursing. It engages in a home-center for the elderly and sick people in Japan under the residence named Nagoya.
- Adways Inc, a global mobile App based in Tokyo is a marketing company dealing with Ad agencies and ad networks.
- Avex Inc is an entertainment amalgamation and a music label in Japan. It is one of the famous and well-known labels in Japan. The company was founded by Max Matsuura, a Japanese record producer, and talent manager. This record label manages sensational Japanese talents like Ayumi Hamasaki, as well as Pikotaro. Avex Inc has also rooted out in various fields such as video games, anime, and live music events.
- Daiwa Securities Group is a security brokerage firm.
Shubham, a chartered accountant on Twitter commented :
“Sbi vc is coming soon! Xrp will rule the world after xrapid will launch! It’s just beginning of good days. Xrp community and ripple team will remember forever for this technology!”
ForkiusMaximus, a Reddit user said:
“55% top-rate tax on all crypto gains (including usage for any purpose) isn’t very friendly (64% if you include mandatory national health “insurance” increases for no additional coverage). Though they are discussing reducing it to 20% (plus insurance) and treating crypto-to-crypto as like kind, which would be a huge improvement.”
TomorrowisToday_, another Reddit user commented:
“Are they focused on BTC though to the exclusion of Bitcoin (BCH)? Sometimes it seems like that from the advertisements.”
The demography of Japan states that 80% of the 3.5 million are the traders between the ages of 20 to 40. Bitcoin [BTC] had shot to $97 billion in March 2017 from $22 million in March 2014.