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Peer-to-Peer Bitcoin Trading Volume through the Japanese Yen Reaches an All-Time High

Oct 26, 2018

 

  • Japanese regulators are a hot topic in the cryptocurrency industry this week after Japan’s Financial Services Agency (FSA) granted Japan’s Virtual Currency Exchange Association self-regulation status, which permits the cryptocurrency industry group to set and enforce rules for the nation’s domestic cryptocurrency exchanges. Japanese regulators are also reportedly considering imposing a leverage cap of 4x an investor’s deposit on margin trading in Japanese cryptocurrency markets.  
     
  • Prior to these developments, LocalBitcoin trading volume through the Japanese Yen (JPY) reached an all-time high with JPY5,662,707 worth of Bitcoin (BTC) trading through the JPY for the 7-day week ending October 20th, 2018. 
     
  • LocalBitcoin is a peer-to-peer Bitcoin exchange that spans across the globe where users can buy and sell BTC to and from each other through dozens of different currencies.
     
  • LocalBitcoin trading volume through the JPY reaching an all-time high last week indicates the highest level of peer-to-peer BTC trading in Japan since the inception of cryptocurrencies. Japanese regulators have prioritized facilitating wide-scale adoption of cryptocurrencies since they gained mainstream traction. On April 1st, 2017, Japan became among the first countries to clearly define what cryptocurrencies are through their Virtual Currency Act. On September 29th, 2017, Japan took the next step to facilitate domestic cryptocurrency adoption when it issued licenses to 11 cryptocurrency exchanges, establishing one of the world’s first cryptocurrency exchange licensing systems, the likes of which are now seen in crypto hotspots like Malta and Hong Kong. 
     
  • Perhaps new all-time high levels of LocalBitcoin trading volume through the JPY is a sign of growing adoption in Japan. News this week involving the Japan Virtual Currency Exchange Association should work to bolster cryptocurrency adoption in the country-- the Japan Virtual Currency Exchange Association has established self-imposed rules for its members since the group’s inception in April 2018, but with its newly awarded official self-regulatory status, the Japan Virtual Currency Exchange Association now has the ability to enact and enforce regulatory standards on Japan’s entire cryptocurrency industry. As we move into next week, crypto investors should keep a close eye on cryptocurrency trading volumes through the JPY to understand the effects of this week’s developments. 

 

Source: Coin.dance