Japan gears up to welcome six new crypto exchanges listed on the Tokyo Stock Exchange. These 6 new companies join a growing list of crypto exchanges in the country. The current buzz is highlighted on SBI Holding’s Virtual Currencies exchange that is set to launch this summer. Line Corp and Yahoo Japan are also planning to launch their own exchanges.
The six companies that joins Japan’s growing crypto exchange market are Drecom, Yamane Medical Corporation, Adways, Avex, Money Forward and Daiwa Securities Group.
Japan is one of the biggest crypto trading and owning countries in the world. Based on current estimates, Japan trades and owns roughly 3.5 million cryptos. The majority of traders are aged between 20 and 40 years old. This makes up about 80% of the 3.5 million, which is a good indicator of what age bracket is trading in cryptocurrencies.
Japan’s trade volume on BTC also rose from $22 million in March 2014 to $97 billion in March 2017—a whopping 440,800% increase in just three years!
These statistics are the main reason why there are approximately 100 companies applying for crypto trading licenses in the country through the Financial Services Agency (FSA), Japan’s financial watchdog.
The news of more companies willing to start crypto exchanges in Japan indicates that the crypto craze is not going to die down anytime soon, despite the current market decline. What would probably happen in the next couple of years is that the crypto-trading industry will expand and accelerate at an unimaginable pace. Others may argue that the expansion has already started with the 6 new companies showing interest in the crypto space.