Published On: Thu, Oct 19th, 2017

Japan’s Embrace of Bitcoin Masks Lack of Fintech Investment

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Japan’s Financial Services Agency allows Bitcoin to be used to pay for goods and services in the country as part of an effort to foster a growing Fintech industry despite a glaring lack of any significant investment.
The Japanese Financial Services Agency announced earlier in the year that they would begin allowing payment for goods and services in bitcoin and require cryptocurrency exchanges to be licensed and audited, giving Bitcoin an actual approval when other countries such as China and Russia appear to be cracking down. Its all part of Japan’s attempt to grow its Fintech industry, an industry sorely lacking investment especially in comparison to Japan’s traditional manufacturing industry.
“The Japanese have felt that cryptocurrencies are a scary thing but trading volumes have increased as many now see it as trustworthy thanks to government approval,” says Yusuke Otsuka, chief operating officer at Coincheck.
Exchange Licenses

The country last month issued 11 licenses to companies enabling them to operate as legal cryptocurrency exchanges. Previously no license was needed, with some seeing the new measures as unnecessary compliance issues which hinder smaller startups from competing in this environment.
Koji Higashi, Co-founder of IndieSquare, …

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