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Japan’s Crypto Traders to Reach 500,000 by 2024 Amid New Regulations and Sony’s Move

Japan is expected to see a big surge in crypto trading population, with daily active traders reaching 500,000 by end of 2024, according to Bitget.

That’s up from 350,000 daily traders now, and puts Japan’s market size between Turkey and Indonesia, and two thirds of South Korea’s crypto market.

One of the main drivers of this growth is Japan’s progressive regulatory environment. The government has put in place regulations that allow for industry growth while also compliance, which has attracted both retail and institutional investors. The launch of crypto ETFs in the US will also have a spillover effect, driving more adoption in Japan.

Gracy Chen, CEO of Bitget, said: “Japan is a very dynamic market, with high crypto awareness.” She pointed out that the country’s trends and innovations are shaping its position in the crypto industry.

Large-Cap Coins and Blockchain Innovation

Japanese traders are focused on big cap coins like Bitcoin and Ethereum which are approved by Japan’s Financial Services Agency (FSA). FSA’s regulatory approach has prevented traders from taking excessive leverage on riskier derivative products, making the crypto trading environment more stable.

The Bitget study also found that Japan is becoming a hotbed for blockchain innovation, especially in the gaming sector. Several blockchain gaming projects in Japan will attract big investment in the coming months and will make Japan a global player in crypto gaming.

Key trends:

  • More adoption of wallets with transaction aggregation and NFT trading features.
  • Strong interest in NFTs and blockchain task platforms for gaming related activities.

This innovation is making Japan a key area for new blockchain technologies, especially in gaming where players and developers are finding new ways to integrate crypto into their platforms.

Sony’s Big Move and the Mt. Gox Legacy

Japan’s crypto market has seen both progress and setbacks, with one of the biggest being the Mt. Gox hack in 2014 which resulted to massive Bitcoin losses. After years of legal battles, Mt. Gox started repaying creditors last week and it’s a good news for those affected by the collapse.

In other news, Japanese tech giant Sony Group entered the crypto space by acquiring Amber Japan, a move that will have big impact on the gaming industry. This acquisition will allow Sony to explore cryptocurrency trading across gaming platforms and create new opportunities for players to use crypto in their favorite games.

With its progressive regulatory environment and focus on large-cap coins, Japan will be a key player in the global crypto scene. As Japan grows its trading population and gets Sony on board, it will stay ahead of the crypto curve.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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