Reports on December 28 reveal that 190 companies are interested in launching cryptocurrency related businesses in Japan. Financial Services Agency (FSA), the federal regulator of the country confirmed the news and said this number is of those that have made inquiries and thereby, shown an interest in launching products in Japan’s cryptocurrency market.
30 More Companies Show an Interest in Japan’s Crypto Market
The 190 figure is a slight increment from the number of applications that were sent in August this year. At that time, there were only 160 requests, and so far, 30 more have been added. The FSA has confirmed that these companies have either made a preliminary consultation or an inquiry on the registration process.
Some companies that have revealed their interest in launching products in this industry are Yahoo! Japan, Samurai & J Partners, Avex Inc., Drecom Co. Ltd., Appbank Inc., Foreside Co. Ltd., Daiwa Securities Group, and Yamane Medical Corp. It can be assumed that some of them, if not all, have sent in an application.
Japan’s Crypto-Friendly Laws are Attracting Investors
Japan is known to have crypto friendly laws which may have made these companies to seek its ground as a refuge. For a business to operate in the country’s cryptocurrency market, they must adhere to the Under the revised Payment Services Act, and that is by registering with FSA.
At the moment, there are 16 crypto exchanges based in this region. The pending ones are deemed dealers which are currently undergoing inspection by the regulators, but then, they have been allowed to operate. These companies are Lastroots, Coincheck, and Everybody’s Bitcoin. Other companies that have found root in the country for one reason or the other are either undergoing changes or dissolving their business.
News From Asian Countries Have More Impact on Bitcoin’s Price
In a similar event, BTCNN reported on December 23 that news arising from Asian countries have more impact on the price of Bitcoin and generally, how the market operates. This goes contrary to the popular belief that the market is controlled by the activities in Western countries. This opinion is mostly held about the U.S. especially in the area of the Securities and Exchange Commission (SEC).
The Asian country’s languages are also the most commonly used in crypto exchanges. Popular among them are Mandarin, Indonesian, Vietnamese, Korean, Hindi, Japanese, Cantonese, and Thai. The same can be said about the number of mining pools which are located in these regions. Based on reports, 11 out of 27 can be found in these countries.