Japan’s friendly approach to cryptocurrencies is not ICO-friendly
Ultimately, Japan is on high efficiency in the cryptocurrencies market. However, it is trading about 63% Bitcoin. Initially, ban on ICOs by several countries has investors worried that Japan could still be coming.
Japan is now Bitcoins legal tender as well as the biggest champions of digital assets. Essentially, Japan in undergoing with different method to cryptocurrencies positions as much needed savior for ICOs.
Not a liberal safe haven
Kogi Higash, cofounder of digital token wallet IndieSquare is not convinced that Japan is the safe haven for ICOs. He believes that Japan is still a risk averse country and one that strongly conservative in nature.
Higashi says,
“Japan’s not really ICO-friendly. Regulators are just more tentative. They’re just trying to figure out if it’s going to be good or bad. It doesn’t mean they won’t start regulating more heavily in the future when problems start emerging”.
Also Read: Japan’s 3 megabank ‘Field Trial’ for P2P money transfer on blockchain
However, he still says that ICOs are not dooming in Japan before a fair trial. He is optimistic Japan will be leading if ICOs come out good through trails.
“If ICOs turn out to be a really revolutionary concept … then Japan will have a head start and attract a lot of ICO projects”.
Conclusion
Japan plays a significant role in the evolution of cryptocurrencies and ICO markets. It has heavily contributed to the recent rise in valuations. However, ban could potentially lessen the number of investors and cryptocurrency exchange. Definitely, a move ahead could instantly increase volatility and drive price downwards.
