“It seems that the world of crypto currency has significantly advanced even without China, after the authorities decided not to continue to participate in the development of the crypto industry, banning the ICO and the stock exchange. This led to the fact that other countries in Asia, such as Korea and Japan, took leading positions” – reports The Cointelegraph.
Japan has long been one of the most favorable places for bitcoin and other crypto-currencies, calling itself the largest legal bitcoin tender, at the beginning of the year. However, despite this friendly attitude, there are talks in Japan that the ban on ICO is still real.
Life after China
The Asian cryptomarket has been dominant for a long time, from mining to trading volume, but as China decided to establish tight control, interest faded.
Nevertheless, interest in the crypto currency itself did not die, in fact, it reached new highs last week (the first mark was reached at $ 5,800 for bitcoin, – Ed.). In the Asian market there is an awareness of interests, since other countries located near to China have increased the activity of the turnover of the Crypto-currency.
South Korea quickly followed China, planning to ban ICO – in response to strong opposition from local entrepreneurs, while Taiwan, on the contrary, became more loyal to the cryptosphere.
Japan, as one of the first investors to recognize bitcoin, has won a huge market share, currently trading about 63% of the world market of bitcoins.
Not exactly liberal asylum
Many in Asia consider Japan to be a liberal refuge for crypto currency, but Koji Higashi, being a co-founder of the digital wallet IndieSquare and a bright figure on the Japanese crypto-currency scene, does not share this position.
Japan is still a country not prone to risk, and which is also very conservative in nature. Higashi claims that he still sees the ban on ICO as a “plausible opportunity.”
“Japan is not very friendly to ICO. Regulators just have not decided yet. They are simply trying to understand whether this is good or bad from this idea. This does not mean that they will not begin to actively adjust in the future when problems arise” – Higashi said.
However, Koji also does not condemn the fate of the ICO in Japan before they reach a fair trial. He is optimistic that if the ICO passes all the tests well, then Japan will be at the leading positions in the crypto industry.
“If the ICO turns out to be a truly revolutionary concept … then Japan will attract many ICO projects.”
And apparently, this is already beginning to happen, as companies around the world will redeploy their projects to Switzerland and Japan, which will help these countries to enrich themselves with tax revenues.