Researches have shown that over 3 million people had purchased Bitcoin and some are still holding on to it. So many changes about the ICO market has occurred this year. Just late last year, a multi-billion dollar Japanese technology giant stated that the salaries of over four thousand employees will be processed in Bitcoin. As a result of this, a precedent has been set for other companies in the country.
Researches have also shown that 14 percent of young people between the ages of 20 and 25 actually own digital assets. Japan is currently the world leader in both cryptocurrency trading and its usage.
In the year 2018, ICOs have become very important commodity especially now that the new regulations are going into effect. The regulation has also removed the 8 percent sales tax when trying to buy Bitcoin, Ethereum and other cryptocurrencies.
Right now, Bitcoin is the most popular of all the cryptocoins. It is even more important in Japan where exchanges are allowed between Bitcoin and the Japanese Yen. Ripple, or XIP, as it is known is also popular in Japan. It has been listed in many different exchanges as one of their trading pairs. Something called the Mr. Ripple exchange trades the currency against the USD, JPY and even Ethereum and Bitcoin.
Ethereum, while popular in other places, is not quite popular when it comes to exchange against the Japanese Yen. However, it is popular when it comes to exchanging with Bitcoin. There are hopes that the Ethereum will still make a stand in Japan someday.
XEM is another currency which was created by some Japanese developers. In Japanese circles, it is popular and has made a name for itself. The last popular cryptocurrency is the MonaCoin which quite known to Japanes Yen traders. It can also be traded against the bitcoin.
Blockchain is an invention that was made to make cryptocurrency transactions easier. It is a decentralized app that helps people make passive income and at the same time offer cheap and better services to businesses.
In order to spread the risk and future return, people in Japan are now exchanging their Bitcoins to ICO cryptocurrencies.
Last year, eleven Bitcoin exchanges were approved by the Financial Security Agency of Japan. As a result, Chinese Bitcoin exchanges are now trying to move their ICO businesses to Japan where they can fully enjoy all the benefits that the ICO market has to offer.
At first, the FSA had warned about the risks involved in ICOs. It had stated that if an ICO has the features of an investment and the purchase of a token by a virtual currency is deemed equivalent to that of a legal tender, then the ICO becomes subject to regulations under the Financial Investments Act.
A few months back, over 1000 investors were scammed by an ICO project called Giza while China and Korea on the other hand have banned ICOs due to concerns of illegal activity.
Things changed this year when a Japanese government-backed research group finally put forwards some rules and regulations that seek to give ICOs approval.