Crush of Companies Race to Join Japan’s Crypto Revolution
Several major public companies in Japan that are listed on the Tokyo Stock Exchange are planning to launch cryptocurrency exchanges.
A recent study by the Japanese Financial Services Agency (FSA) shows that 3.5 million Japanese trade cryptocurrencies with Millennials making up the majority. Japan currently has 32 exchanges with at least 100 applications outstanding for new licenses. The FSA had only approved 11 exchanges by September, 2017 and 16 by December.
The following list of the latest companies with plans to launch exchanges in Japan reveals the full range of industries that are investing in cryptocurrencies.
- Money Forward Financial – personal financial management services company
- Adways – leading mobile marketing company
- Daiwa Securities Group – investment bank
- Avex – entertainment conglomerate, record label, music management
- Drecom – provider of social gaming applications and Internet marketing solutions
- Yamane Medical Corporation – day-service centers for the elderly
- SBI Group – financial services company
- Line Corp. – mobile applications and Internet services
- Yahoo! Japan – #1 internet company in Japan (40% stake in crypto exchange BitArg Exchange Tokyo)
Despite the rapid rise of exchanges, Japan faces a shortage of cybersecurity analysts, software developers and blockchain specialists.
Meanwhile, the Japan Blockchain Association (JBA) is implementing new standards in the wake of the Coincheck hack. Coincheck, a Tokyo-based cryptocurrency exchange and JBA member, lost about $532 million in NEM.