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- 1 The government of Japan is ready to streamline crypto purchases as its amendment bill will allow institutions to hold assets.
- 2 The proposed bill is still to be approved by the Japanese parliament before it becomes law.
- 3 Chainalysis conducted a study on global crypto adoption in 2023 according to which India topped the list of adopters.
Most recently, the Japanese cabinet approved a bill to add cryptocurrencies to the list of assets in the nation. This will also allow investment funds and venture capital to purchase and hold cryptos directly.
The Ministry of Economy, Trade and Industry revealed the recent February 16, 2024 amendments. Japan is one of the few nations that have prepared a well-structured framework for stablecoins.
As per the bill, “measures will be taken to add crypto assets to the list of assets that can be acquired and held by investment limited partnerships.” If the proposed bill gains approval from the Japanese parliament, it might help boost the nation’s Web3 industry.
However, compared to other nations, Japan is known for strict laws and regulations for the digital asset industry. However, the nation is constantly revising and amending the old rules to lure more business to the country.
Cryptocurrencies remain an illegal tender, but some companies accept it as the mode of payment in the nation. The nation is among the leading countries in the list of technological expertise.
Earlier on January 15, 2024, TheCoinRepublic reported that Japan is set to inaugurate the first-ever ‘Metaverse High School’. The initiative will be completed with the help of Yushi International High School.
The school is expected to work virtually similarly to the other school functioning, and students will graduate with regular high school diplomas.
Japan is not only shifting its focus towards Web3 and cryptocurrencies, but other nations are also working to ease their regulation for the industry to lure more and more giant firms into their nations.
Hong Kong, Singapore, and the United Kingdom are known for their ease of regulation for the digital asset industry; most recently, the SFC of Hong Kong has invited applications for the Bitcoin spot ETF.
Global Crypto Adoption
Chainalysis conducted a study on global crypto adoption in 2023; the list of adopters is topped by India, followed by Nigeria, Vietnam, the United States, Ukraine, the Philippines, Indonesia, Pakistan, Thailand, Pakistan, and a few others in the list.
As per available data, global crypto users in 2022 were 432 Million; the number increased by 34% in 2023 and reached 580 Million. The surging market capitalization of the crypto market has reflected the adoption growth.
Crypto Market Updates
As per recent media reports, Navin Gupta, the former managing director of Ripple, has joined Crystal as the company’s Chief Executive Officer. He has also worked with several other reading financial giants. FixedFloat, a decentralized cryptocurrency exchange, has lost over $25 Million in a breach; the amount was composed of Bitcoin and Ethereum.
In the past few weeks, the entire cryptocurrency market has flourished significantly and, when writing, was $1.98 Trillion. Dozens of market analysts claim that the market cap will soon be above $2 Trillion. The predictions of bullishness are made based on the growing crypto adoption, the upcoming 4th Bitcoin Halving, and the yet-to-be-approved Ether spot ETF.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
