Growing number of Bitcoin Exchanges in Japan
Japan is now the biggest Bitcoin exchange market in the world.Japan beats China and US to become the largest Bitcoin Exchange market in the world with a $135 million ( INR 8,640,000,000*) daily trading volume and exceeding 50 percent market share.
(*Price of $1 as on 2nd May,2017= INR 64)
Japan recently legalized Bitcoin on April 1,2017 which had a huge positive impact in the Bitcoin markets all over the world. But now what Japan is going to experience in it’s Bitcoin sector will totally shake the global Bitcoin Markets.
Eighteen companies are applying for the new license to Japan Cryptocurrency Business Association that is required to operate a cryptocurrency exchange in Japan. Out of eighteen, ten new companies are entering into the Bitcoin space for the first time in order to meet huge demand.
These include SBI Holdings’ SBI Virtual Currencies, GMO Internet, Kabu.com Securities and Money Partners Group, along with the extant Japanese exchanges such as BitFlyer.
SBI Holdings has set up SBI Virtual Currencies, an exchange between the yen and cryptocurrencies like bitcoin and that of the Ethereum platform. The GMO Internet group is also establishing its own company, with plans to increase the number of digital currencies it trades based on demand. Kabu.com Securities and foreign exchange trader Money Partners Group plan to enter the field as well.
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