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Japan plans to “grab” the crypto-currency market

Japan plans to “seize” cryptornics. According to experts in the field of investment, this country continues to attract capital to popularize crypto-currency, despite a number of serious cyber attacks.

Last month, the Japanese crypto-exchange Coincheck announced that it would reimburse $ 500 million for all its clients who had been hacked. This cyber attack went down in history as the largest crypto-currency robbery.

However, despite the opposite policy of its neighbors – China and South Korea – regarding the digital currency, Japan is not going to abandon its plan to become the first country in which it is absolutely legal.

Takashi Shiono, an economist at Credit Suisse in Tokyo states:

“It is expected that this business will be taxed a number of taxes, including profit. Their total amount, according to our expectations, could be about $ 9.2 billion, however, at this stage it will be very speculative. “

The Japanese economy has hard survived decades of stagnation, beginning with the 1990s, dealing with a major national debt, taxation and population reduction problems.

The government in Tokyo expects that the capitalization of the growing interest in crypto-currencies will be an excellent foundation for the entire Japanese economy.

Ken Kawai, a financial technology start-up advisor, and Anderson Mori & Tomotsune, a partner of the legal agency, commented:

“Usually, the government behaves very conservatively. However, now it is inclined to support and contribute to the growth of such financial technology as crypto and lock-up. “

Crypto-currency, unlike traditional assets, has become especially popular with young investors in Japan, who are attracted to the opportunity to make huge profits.

The strategy of the Japanese government is to attract international investors the maximum freedom of Crypto Currency in this country, while the whole world will try to limit it by various means.

South Korea has already brought to the attention of the world community a number of regulatory measures in relation to bitcoin, as well as its “competitors”: Ripple and Ethereum. The ban on anonymous trade was introduced by government agencies to combat possible criminal activity using crypto currency.

It is worth noting that after breaking the crypto-exchange Coincheck, Japan also introduced a number of measures, although not so hard and not as much as other countries.

“We are interested in controlling the Crypto currency, and not in its prohibition,” Takashi Shiono commented.

At the same time, Scott Gentry, the creator of the FreeAbound blocking firm, expresses his point of view:

“I think that the Japanese should strengthen supervision over this industry, this will lead to more frequent audit processes on crypto-exchanges. Japan Financial Services Agency (jFSA) should also introduce something like “level of trust to the client” … Although, this may be another serious obstacle to the growth of crypto-trade in this country. “

According to various  estimates , the crypto-industry can contribute about 0.3% to the growth of Japan’s GDP. Total GDP growth this year may be about 20%.

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Japan plans to “grab” the crypto-currency market


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