Home > Web3

Japan embraces Web3 while other countries are hesitant

bollyinside.com -- Jan 28
Web3 promotion continues to be a cornerstone of Japan’s national strategy as lawmakers and regulators from the U.S. to Europe to Asia voice growing caution regarding cryptocurrencies.

A tiny but vocal group of legislators are putting up regulations for anything from non-fungible currencies to decentralised autonomous organisations (DAO) (NFT). Japanese exchanges are finding it simpler to list tokens. A burdensome tax requirement has been changed, which is a significant victory for cryptocurrency business owners. Coinbase and Kraken left Japan, while Binance, which had previously irritated Japanese regulators, was able to purchase a Japanese exchange. Additionally, stablecoins—which are now prohibited on Japanese exchanges—have a new direction to follow.

Ghosts of previous hackersThe simplest explanation would be that Japan has already experienced Hell and back when it comes to cryptocurrencies. It demonstrated its storm-weathering abilities. So, some of the earlier fear has subsided.

Japan was a pioneer in the crypto industry, and the losses followed quickly. Japanese exchange Mt. Gox had a hack in 2014. Then, in the biggest theft in cryptocurrency history, hackers attacked once more in early 2018, stealing almost $500 million from the Japanese exchange Coincheck. Japan was on track to become the Asian and even global capital of cryptocurrency not long before the Coincheck hack. Regulators were severely alarmed by the breach, and Japan appeared to vanish from the crypto scene. For a time it seemed almost impossible to list new tokens on exchanges. ...continue reading