Japan Approved 16th Cryptocurrency Exchange Due To Massive Adoption

by Ricky Makan Co-Founder at Unkrypted

Japan Approved 16th Cryptocurrency Exchange Due To Massive Adoption

The Japanese financial regulator has approved one more Cryptocurrency exchange, making it the 16th exchange to be licensed. As competition intensifies, some g local exchanges are branching abroad in search of more volume and liquidity. Meanwhile, more merchants are embracing Bitcoin.

According to the FSA’s site, bitcoin is the sole Cryptocurrency Exchange on this market.

In 2013 Bitocean was founded in China and Japan, according to the website. The business is growing two-way through Bitcoin ATMs (BTMs) and Bitcoin trading platform. “We’re working on assembling a brand new Bitcoin trading platform at Tokyo while at the same time we’re contributing to aid with Mt Gox’s liquidation/rehabilitation procedure says the website.

This is actually the third round of approvals from the FSA. The first round was in September where 11 trades were approved. The second time was early December when the agency accepted four more exchanges, as mentioned. Meanwhile, the Japan’s second-largest bitcoin market Coincheck hasn’t yet been accepted; Coincheck’s program remains under review by the bureau.

Local Exchanges Growing

Japanese trading platforms are now expanding Abroad in an effort to Increase Trading volume and improve liquidity. As investors often wait to finish transactions involving rarely traded currencies. These currencies also often fluctuate tremendously when a huge order is set.
The Nation’s largest Bitcoin exchange Bitflyer expanded to the US at the end of November and will start trading soon. Other trading platform operators expanding abroad comprise Quoine, which is going to launch in the Philippines this year. Bitpoint expanded into South Korea in November and is planning to start a market in Taiwan in January. Bitbank is also likely to go into other Asian and Africa markets.

More Merchants Embracing Bitcoin

Since the number of Trades grows, so does the number of Retailers accepting Bitcoin payments. Recently reported that a top automobile automotive group and dealers are adopting the cryptocurrency.
A number of smaller retailers also began accepting Bitcoin. 1 example is home and facility building expert Hiroden Co. Ltd which started accepting the virtual money on a trial basis each month, using a limitation of 1 million yen including tax. The business can be found at Hirosaki City, a little city in the rural Aomori prefecture.

Last week a Tokyo-based anxiety care pro known as Stylefulness also started accepting Bitcoin payments.
Earlier this week the Tokyo Campervan Rental Center Group, also Called Tokyo CRC, began accepting Bitcoin in its five locations. In addition, the group is offering a 20% discount on rental charges between January 4 to March 31 of this year for clients spending through Bitcoins.