The paths to crypto adoption have never been the same for the east and the west. Both have their own challenges. Asia, particularly Japan, has been one of the leaders in crypto adoption. This should not surprise everyone. It is because Japan is leading the way when it is to welcome innovative ideas and technology. Countries in Asia, like Japan, pushed technological boundaries. Tokyo has many museums to see future technology, such as robots. Crypto adoption in Japan is widespread in some age groups. But we need to see how it compares to the west.
Mining of crypto
For generating new crypto, there is the requirement of a process. It is mining. The process needs tremendous energy. Thus, it makes sense for most cryptocurrencies to be mined with low energy costs. The US comes first when it comes to the crypto discussion in the west. It is where a lot of Bitcoin in the world is mined. Considering the figures from last year, April, the US had a worldwide hash rate of nearly 16.85 percent. Yet it increased as the year advanced. Some months later, the figure came at 35.4 percent.
In terms of certain states, Texas is leading the way with respect to cryptocurrency mining. It can become known as the BTC capital of the world. Japan is outside the leading eight countries for Bitcoin mining. China, Russia, Kazakhstan, Canada, Malaysia, Iran, Ireland, and Germany are all above Japan when it is related to Bitcoin mining. So in this mining respect, Japan did not adopt crypto the same way as the west. There the US, Germany, Ireland, and Canada are leading the way in Bitcoin mining.
Legislation of crypto
Crypto legislation in Japan is vital. The Payment Services Act regulates cryptocurrency businesses in Japan. It started in April 2017. In the year 2014, the government of Japan decided that they would not introduce laws prohibiting individuals or firms from receiving Bitcoin as a payment form. Every crypto exchange business must get registered and keep all records. Transactions need to comply with the laundering of money.
In 2013, the U.S Treasury classified BTC as a convertible decentralized virtual currency. It is legal in the country. Thus crypto is not only legal in Japan. It is legal in some powerful western unions such as the US, Germany, the UK, Canada, and Spain.
The interest of the public in cryptocurrency
The crypto market in Japan increased in a significant way last year. Between the end of 2020 and last year, the amount of cryptocurrency that was traded in Japan increased by almost six times. At the start of this year, more than 6 million people in the country were making use of cryptocurrency. Yet it seems the government is eager to keep the crypto industry under control. With respect to population percentage, nearly 5 percent of Japan’s people are using cryptocurrency.
Considering the west and the US, 30-50 million citizens of the US got engaged with cryptocurrency. There is a prediction that the figure will keep on rising. It means almost 14 percent of the population is using or using cryptocurrency. The number is more extensive than in Japan. Yet access to cryptocurrency has been much easier for the citizens of the US over the years.
In the UK, almost 1 million people claim to own a cryptocurrency asset. It means that only under 2 percent of the population has made use of cryptocurrency. It is less than that of Japan. Perhaps the high interest of Japan in gaming helped a lot. Thus crypto gaming became highly popular in 2018. There are many fine quality cryptocurrency casinos in the country. Many new gaming cryptos got issued too. A great example is Enjin.
Conclusion
Japan is home to numerous established firms and start-ups who are moving into the cryptocurrency market. The country may not mine a lot of Bitcoin or have similar legislation to Western countries. Yet Japan has started to adopt crypto fast. The number of individuals and firms entering the market of cryptocurrency in the country will keep increasing in the upcoming days. benefits of crypto is the best trading bot used by millions of investors you can invest in cryptos on this platform.
