In the case of cryptocurrency, there is more of an evolution than a revolution. Digital currency is the natural progression—the evolution—of currency and is not an attempt to overthrow what has taken centuries to create. Japan gets it, helping to support the ecosystem by introducing regulations and protect consumers. Even if the country is trying to avoid the use of the term “cryptocurrency” in favor of “digital assets,” the results are the same—better definition of the Bitcoin space. The results are being seen, too, with crypto exchanges in the country opening between 50%-200% more new accounts since the beginning of March.
According to a report by Cointelegraph Japan, researchers looked at data from three platforms—DMM Bitcoin, Bitpoint and Coincheck. DMM has seen its new account figures increase 50% over what was seen in March. Coincheck wasn’t quite as high, but still registered significant growth. The biggest winner was Bitpoint, which has seen three times more new accounts this month than what it saw in March.
According to the president of Bitpoint Japan, Genki Oda, “The laws and regulations regarding virtual currency are being developed in each country as the influence of U.S.-China relations on the virtual currency market and the fundamentals and reliance on virtual currency is recovering. Therefore, the interest of the distant investors is on the rise.”
The executive added that the volume of crypto is, on average, about JPY10 billion a day (around $90.78 million) and can rise to as much as JPY60 billion ($544.6 million).
The most successful day for the exchanges in terms of new accounts was May 14. That day saw an average sign up seven times higher than what was seen on an average day in March. That coincided with the recent crypto bull run, which began on April 1 and is still, more or less, continuing.
Japan is apparently not as fearful about crypto adoption as are lawmakers in certain other countries. It has already said that it will be providing a list of suggestions for the crypto industry when the G20 countries meet next month and this will most likely lead to even greater global adoption. The Bitcoin evolution is here and the next five to 10 years are going to be fascinating.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.