Today, Japan is one of the friendliest countries in relation to cryptocurrencies.
In April last year, the regulators acknowledged their legal tender and now the society enjoys free and unlimited cryptocurrency trading environment. The reason for this successful adoption of virtual currencies is an effective and structured regulation.
Leading members of the cryptocurrency community understands this. As I understand, and that the recent hacking of the exchange Coincheck has brought not only financial losses. User trust has been lost, and trust regulators to cryptocurrency companies has been shaken.
To save the situation and not be hard on yourself the government methods in to restore order, the Japanese Association of cryptocurrency trading (JCBA) and the Association Blockchain Japan (JBA) merged into a single self-regulatory body. It should be noted that the law on payment services, which was implemented in April 2017, provided that the formation of a voluntary self-regulatory organization.
The purpose of the new body is to achieve enhanced safeguards for investors and traders. Simply put — to regain the trust of society. Its activities, the organisation will begin on 1 April 2018. The primary task, set before chemoregulators FSA, were: the question of creating your own rules to protect customer assets, elimination of system errors and risks and to implement the recommendations on advertising and measures to prevent insider trading.
Attack on Coincheck has revealed weaknesses in the Japanese cryptocurrency system and showed the need to further improve it, and not limitation.
Japan — the birthplace of the world’s largest bitcoin exchanges, including bitFlyer, which has branches in Europe and America. The Japanese were familiar with the traditional markets, so the transition to cryptocurrency for many was a simple step.
Japan is known for its bizarre culture. Not cheated the public with their attention and the subject of cryptocurrencies — there are many themed bars and cafes, a group of female cosplayers that promote cryptocurrency to young people, is gaining popularity. Self-regulation, secure trade and safe ecosystem is great news for the rapidly growing cryptocurrency market in Japan.