The cryptocurrency industry has received a new boost since the Japanese government decided to adopt the new draft law which includes bitcoin and other cryptocurrencies to the list of legal tenders. The draft law has changed the status of bitcoin from being a commodity to currency.
Since Japanese government started considering bitcoin as a legal tender, the use of bitcoin in the country has surged. A number of shops and businesses have started using bitcoin. This newly attained legal status will allow banks and financial institutions to start accepting bitcoin. At the same time, introduction of new bitcoin regulations is expected in Japan.
In an announcement, FISCO – a real time financial information platform catering to the investment sector has made its intentions to start a cryptocurrency exchange public. The company will be operating the new cryptocurrency exchange under the name of FISCO COIN. The company will be offering exchange services to not only bitcoin but other cryptocurrencies as well. In addition to exchange services, FISCO COIN intends to create and manage financial derivative instruments based on digital currency.
Some of the other services outlined by FISCO COIN includes bitcoin technology based crowdfunding and bond issuing services for both individual customers and businesses. The law, still a draft is expected to receive positive votes in the Japanese parliament. Once a majority is reached, the draft law introduced by the Finance Ministry will be implemented.
In anticipation of a positive outcome, the bitcoin trading activity has reached an all-time high on Japanese trading exchanges. One of the leading cryptocurrency exchange- Zaif has already reported record trade volumes earlier this month, soon after the introduction of a new draft law. On March 8 alone, Zaif has reported a bitcoin trading volume of 18000 bitcoins.
New cryptocurrency exchanges will soon start cropping up in the country, creating a healthy competitive environment in the bitcoin sphere. Ultimately, people of Japan will have ready access to bitcoin at attractive prices.