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Asia and Japan in-particular, has actually been one of the frontrunners in the adoption of cryptocurrency. This ought to not come as a surprise since Japan is normally leading the way when it comes to welcoming innovative technology and ideas. Asian nations, such as Japan, have actually pushed the limits of technology and there are museums in Tokyo where you can see the technology of the future, consisting of robots. The adoption of crypto in Japan has been widespread in certain age however how does it compare to the west?
Cryptocurrency Mining
To create brand-new cryptocurrency, a process called mining is needed. This process needs a lot of energy and therefore, it makes sense for the most crypto to be mined where energy expenses are low. When discussing crypto in the west, we need to begin with the United States. This is where much of the world’s bitcoin is mined and if we take figures from April 2021, the US had a worldwide hash rate of 16.85%. However, this increased as the year progressed and a few months later on, that figure was at 35.4%.
In regards to specific states, Texas is blazing a trail in regards to crypto mining and might end up being referred to as the bitcoin capital of the world. In contrast, Japan is outside the top 8 countries for mining bitcoin, with China, Kazakhstan, Russia, Canada, Iran, Malaysia, Germany, and Ireland all above Japan when it pertains to mining bitcoin. So, in the regard of mining, Japan has actually not embraced crypto the like the west, with the United States, Canada, Germany, and Ireland blazing a trail.
Cryptocurrency Legislation
When going over the adoption of cryptocurrency by Japan, we need to consider the crypto legislation in the nation. Crypto exchange companies in Japan are controlled by the Payment Solutions Act and have been since April 2017. In 2014, the Japanese federal government chose not to present laws to restrict individuals or business from getting bitcoin as a form of payment.
All cryptocurrency exchange businesses need to be registered and keep records and deals must comply with money laundering. Looking at the west and especially the United States, bitcoin was classified as a convertible decentralized virtual currency in 2013 by the U.S. Treasury and is legal in the country. So, cryptocurrency is legal in Japan and the significant western nations, consisting of the United States, Canada, Germany, Spain, and the UK.
Public Interest in Crypto
Japan’s cryptocurrency market grew significantly in 2021 and in between completion of 2020 and 2021, the amount of crypto being traded in the country increased by 6 times. Since the beginning of 2022, over 6 million individuals in Japan were utilizing crypto but it appears the government is eager to keep the market under control. In terms of population portion, roughly 5% of the Japanese individuals are using crypto.
Switching to the west and in the United States, between 30 to 50 million United States residents have engaged with crypto and that figure is predicted to keep rising. That indicates around 14% of the population are using or have utilized crypto. This number is larger than Japan but access to crypto has actually been a lot simpler for United States residents over the years. If we take a look at the UK, approximately 1 million individuals declare to own a crypto possession.
That implies simply under 2% of the population have used crypto, which is less than Japan. Perhaps Japan’s high interest in video gaming has assisted, with crypto gaming becoming more popular considering that 2018. There are lots of high quality crypto casinos in Japan and brand-new video gaming cryptocurrencies have actually been released, with Enjin being a fine example.
Japan is home to lots of established companies and start-ups who are going into the crypto market. Japan may not mine as lots of bitcoins or have the exact same legislation as countries in the west but the nation is embracing cryptocurrency rapidly. The number of individuals and companies going into the crypto market in Japan is just going to increase in the future.