Cryptocurrency trading on the exchange Japan In the first 11 months of 2021, it increased by 51% to 103 trillion yen ($ 900 billion). Based on JVCEA dataPut it at a pace of nearly $ 1 trillion across 2021.
Much of the credit owes to the retail and gaming industries in countries that are driving the increasing use of cryptocurrencies in the market.
There is speculation that Japan’s huge crypto market may facilitate future listings of new coins that previously had to go through a long screening process.
To understand the situation, it is important to recognize the contributions of the retail and gaming industries, the two major driving markets behind the growth in cryptocurrency use in Japan.
Japanese private investor Dominates Bitcoin transactions for several reasons. According to reports, recent crackdowns in South Korea and China have made Japan the majority of crypto trading options.
again, The government of the country is fully embracing The use of Bitcoin to pay for goods and services in a move to grow the FinTech industry. The increasing use of cryptocurrencies has also paved the way for more exchanges to serve in Japan.
according to Statista Survey ReportAccording to the 2020 forecast, the number of merchants and stores accepting cryptocurrency payments will increase by 13% from the previous year, and there are approximately 87.1,000 merchants in the country.
Friendly crypto regulations and the recruitment of merchants have sparked an increase in the use of cryptocurrencies in the retail industry.
Like electronics giant Bic Camera, major retailers have been accepting Bitcoin payments for the last few years.Even big banks like Mizuho and SBI It showed its commitment to the sector in 2019.
Several Cryptographic casino We entered the Japanese market last year. Cloudbet, the world’s largest cryptocurrency casino, recently expanded its online casino and sportsbook platform to Japan.
National casino experts expect them to be the first foreign operators to successfully compete with traditional anime-themed casinos.
Casinos that support cryptocurrencies are loved by the Japanese because they provide players with faster payment speeds compared to other banking options. In fact, many casinos prefer to pay in cryptocurrencies, do not charge fees, allow large withdrawal transactions, and offer some benefits to their clients.
The Japanese gaming industry has a great influence on the success of the crypto market. Some of the major online casinos accept payments in some cryptocurrencies such as:
● Bitcoin (BTC)
● Litecoin (LTC)
● Ripple (XRP)
● TRON (TRX)
● Tether (USDT)
● Ethereum (ETH)
● Bitcoin Cash (BCH)
Cloudbet is the world’s largest crypto casino and supports payment of 29 coins including Cardano and BNB. BNB support is a good move, especially as it is a good alternative to the expensive Ethereum.
Countless benefits have made it easier to integrate cryptographic services in the Japanese gaming industry.
As a starting point, cryptocurrency payments provide players with “high anonymity” as little or no personal information is disclosed during the transaction. Therefore, it is a very safe and secure option for players looking to mitigate the risk of cyber security.
Similarly, cryptocurrency payments are a great option for tax savings. Casino profits are taxed based on a temporary income classification, but are converted to cryptocurrencies, so payments in cryptocurrencies are not taxed.
In addition, it’s a good option for players who are concerned about their online identity and security. Identity and data theft is an important risk to consider when choosing an online casino, as cybersecurity risks are constantly increasing.
The casino has safeguard measures and KYC verification to prevent illegal activities. However, in the context of malware attacks, it can become the Achilles heel of the casino and compromise client sensitive information.
Cryptocurrencies provide a way around this, as they can be used to deposit and withdraw money without verifying your identity.
It’s important to mention that it’s still a slippery slope, but cryptography can be abused by parties who want to promote illegal activity. However, it’s a good way for players looking for special precautions to prevent cybersecurity threats.
Japan’s $ 1 trillion crypto market is expected to grow further as the Financial Services Agency of Japan pushes to ease restrictions on new listings on exchanges. Japan has established itself as one of the largest players in the crypto trading market.