Cryptocurrency Exchange Development Company in Japan
Bitdeal - Leading Cryptocurrency Exchange and Blockchain Development Company furnishes the world-class cryptocurrency exchange development services which include cryptocurrency exchange script, cryptocurrency wallet development, crypto exchange clone development and lot more.
As the world goes digital, the digital currency termed as " Cryptocurrency " has become more trendy. Here we are going to look after some interesting facts about cryptocurrency in Japan.
The article covers the following titles
1. Cryptocurrency Market in Japan
2. Why to start Cryptocurrency Exchange in Japan?
3. Cryptocurrency Trends in Japan
4. Cryptocurrency Regulation in Japan
5. Future Cryptocurrency Regulation In Japan
6. Cryptocurrency Taxation in Japan
7. Top crypto exchanges in Japan
8. Bitdeal - Cryptocurrency Exchange Development Company in Japan
Cryptocurrency Market in Japan
Japan is one of the famous countries in the world that provides a safe and eco-friendly environment for cryptocurrency. Japan, being the first country to make cryptocurrency legal allows for cryptos exchanges, cryptos payments and a lot more.
There are many stores/businesses/services that accept Bitcoin/ Cryptos payments in Japan.
Here is a video by CNBC, on " Japan made bitcoin a legal currency ".
Many business organizations and service providers in Japan started accepting Bitcoins/ Cryptocurrency as a payment option. Japan contributes to the world's largest amount of crypto users. Japan always be the best and first choice in every crypto enthusiastic to start their cryptocurrency business in Japan.
Why to start Cryptocurrency Exchange in Japan?
Japan was the world's first country to enact a law for defining virtual currency as a legal term. In order to provide cryptocurrency exchange services in Japan, one must need an entity to register them as a " Virtual Currency Exchange Provider ".
The above legalization helps in the following purpose:
1. Protects the customers of cryptocurrency exchanges, by providing services only registered cryptocurrency exchange providers.
2. Prevent Money Laundering and crypto financing terrorisms.
As mentioned above one has to register and there are also some regulations in starting a crypto exchange in Japan.
Here are the regulations for starting a crypto exchange in Japan by Payment Services Act (PSA ) :
1. The exchange provider should make the Necessary Steps to provide safety for customer's information.
2. Should provide complete content of transactions starting from cryptos handled by the provider, fees, transaction details and lot more information with date of transaction.
3. Providing protection for users and also safe & non-stoppable exchange performance services.
4. Separation of exchange information and also user's information for the process of a regulatory audit.
5. Separate Internal Management System to take care of customer complaints and to solve any dispute through ADR proceedings.
Cryptocurrency Trends in Japan
1. As of April 2017, Under the Payment Services Act, Japan recognizes Cryptocurrencies as Legal property as it has been the world's most progressive regulatory climate for cryptocurrencies.
2. Japan was marked as one of " The Most Active Countries in Global Cryptocurrency Space " as it has recorded 3.5 million Active Cryptocurrency Traders by 31st March 2018.
3. Japan is one of the world's nations that provided a "friendly environment for cryptocurrencies and its usages ".
4. The first country to regulate cryptocurrency trading in the world was Japan, after its experience on hacks of Mt.Gox and Coincheck which incurred $450 million & $530 million respectively.
5. On Global Benchmark Cryptocurrency Studies, after the acknowledgment of Bitcoin as a payment, the usage of cryptocurrency has distributed among various services and there shows huge supports ( 23% ) JPY Currency.
Have a look at the below image to know more National currency supported by cryptocurrency payment companies.
Cryptocurrency Regulation In Japan
According to Japanese law, cryptocurrency is not listed as a type of securities or a secured asset as defined by the Financial Instruments and Exchange Act. The Payment Services Act, PSA defines "Virtual Currency" and it requires the exchange service provider and also users to be registered with FSA.
Without the proper registration and not under regulatory controls, the exchange providers are considered as criminals and are subjected to punishments. The PSA defines cryptocurrency and cryptocurrency exchange as follows :
PSA Defines " Virtual Currency " as :
(i) the proprietary value that may be used to pay for any goods/services for an unspecified person that may be transferred using an electronic data processing system.
(ii) the proprietary value that may be exchanged with an unspecified person that may be transferred using an electronic data processing system.
2. Cryptocurrency Exchange
PSA Defines " Virtual Currency Exchange Service " as :
(i) Sale/ purchase of cryptocurrency or exchange of cryptos for other cryptos.
(ii) management of cryptos or user's money in accordance with acts passed.
(iii) brokerage/ intermediary for the exchange of cryptos.
There are many regulations and acts passed for use of cryptos and cryptocurrency exchange in Japan.
Future Cryptocurrency Regulation In Japan
As we all know Japan offers a friendly environment for cryptos, still, there is a growing AML concern that draws the FSA’s attention to further regulatory steps.
An agreement for forming a self-regulatory body - the Japanese Virtual Currency Exchange Association ( JVCEA ) was put into the process, by the decision of exchanges and the FSA.
The JVCEA will function as an advisor for unlicensed exchanges and promote regulatory compliance.
Cryptocurrency Taxation in Japan
If you place a question, Is Cryptocurrency taxable in Japan? the answer to your query will be yes.
The government of Japan is under the process of development of a system to monitor and catch all individuals who are not paying the appropriate taxes on the profits that they acquire through cryptocurrency trading. This system allows the Japanese National Tax Agency for individual's cryptocurrency transaction information to prevent them from evading the tax.
As a conclusion, the one obtaining profits above 200,000 yen ($1,700) per year falls under the Income Tax Act and should pay the appropriate tax.
Top crypto exchanges in Japan
Coincheck is the first and famous cryptocurrency exchange started in Japa which has its Headquarter in Tokyo, Japan. Coincheck supports multiple altcoin exchange and it allows only registered users to buy/sell bitcoin via bank transfer or credit card.
Bitflyer, one of the largest Bitcoin exchanges in Japan which has a large amount of users and also average daily volume and investment capital.
Bitflyer has options to deposit funds through credit card or bank transfers, with Quick Deposit functionality enabled for many banks.
Coinmama is one of the reliable and most trusted cryptocurrency exchange that allows customers in almost every country to buy/sell bitcoin with a credit or debit card.
Coinmama charges 6% fees for every single purchase/exchange.
Some other popular exchanges that Japanese Uses frequently involves the following :
5. Mycelium Local Trader and so on.
Bitdeal - Cryptocurrency Exchange Development Company in Japan
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Our cryptocurrency exchange development services involve the following :
1. Cryptocurrency Exchange Script Development
2. Cryptocurrency Wallet Development
3. P2P Cryptocurrency Exchange Development
4. Smart Contract Development
5. ICO/STO Development
6. Blockchain Development
7. Cryptocurrency Exchange Clone Script Development and a lot more.
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