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.
🇯🇵 As Japan heads into elections, political parties are rallying for crucial crypto tax reforms! Let’s pave the way for innovation & growth in the crypto space. 🌟 The future of finance is bright with the right policies in place! #CryptoReform #JapanElec… https://t.co/2AxG2p1Uks
— Gokhan Polat (@polat2go) October 22, 2024
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.
Yuichiro Tamaki, leader of Japan’s Democratic Party for the People, wants to shake up Japan’s crypto tax system. He’s pushing for a flat 20% tax on crypto gains, instead of the current high rates, and aiming to turn Japan into a crypto hub with NFT governance and crypto ETFs.
— Token Chronicle (@Token_Chronicle) October 22, 2024
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.
🏆 7 Best Forex Brokers
Broker | Website | |
---|---|---|
🥇 | Visit Broker | |
🥈 | Visit Broker | |
🥉 | Visit Broker | |
4 | Visit Broker | |
5 | Visit Broker | |
6 | Visit Broker | |
7 | Visit Broker |