The Zen capital of the world hosts the final leg of the PumaPay roadshow this week when the team lands in the tech hub of the east Tokyo, Japan. One look at the history that the country has had with emerging tech but more specifically crypto and blockchain and it is easy to see why this is an integral stop on our tour of Asia.
Pioneers of Tech
During the technological boom of the late 90s, Japan has been the spearing force behind the mass amounts of innovation that happened through the tech industry. Massive tech companies such as Canon, Nintendo and even Sony have all come from Japan with that list
Japan was one of the first countries in the world to accept crypto as a form of money. In 2016, the Japanese Cabinet approved a series of bills that would help the banking sector accept crypto as digital currency for making payments. This would officially bring crypto under the microscope of the Financial Services Agency, the officially agency that would need to legitimize crypto and an agency that regulates all banking and investment in the country. Following their consistent push for innovation the FSA promptly legitimized cryptocurrency and set standards and regulations in place for crypto exchanges.
The crypto exchanges that were created following these new rules formed their own regulatory body called “The Japan Virtual Currency Exchange Association.” The Association is a collective of exchanges operating in the country who agree to follow certain rules and best practices while operating in Japan. The aim is to make cryptocurrency safer and more legitimate for Japanese consumers while creating a single point of contact between government regulators and exchange operators. The need for these own regulation standards is what has led to Japan to be a leading figure in crypto as well as blockchain.
The Crypto Capital Indeed
At the time of press, Japan is reportedly the second largest economy in the world for Bitcoin as the Japanese Yen averages about 11% of global trading volume for BTC. There are also over 3.5 million citizens who actively trade crypto making Japan one of the highest % of population using crypto daily.
Companies all over Japan have also continued their crypto adoption. Major electronics retailer Bic Cameraaccepts bitcoin for purchases on their website. E-net Systems Co now allows customers to pay for the electricity using bitcoin also through Japanese exchange bitFlyer. One of those most impressive feats, is that certain bars are now accepting Crypto as a form of payment also. The Blue Terrace Bar in Tokyo accepts PumaPay payments with a live video of the first ever payment made by our CEO Yoav Dror seen here.
The history and culture of Japan makes it clear to see why it is one of the most integral stops on our tour and somewhere we could simply not miss!