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Daily Archive2018年7月7日

“Blockchain and Cryptocurrency: Japan’s Economic Elixir?”

Thanks to blockchain and cryptocurrency, Japan’s economy may have greener pastures ahead. As the country’s GDP growth shrinks to lows last seen in the 1990s financial crisis — a.k.a. the “lost decade” — economists point to a technological boom as a potential catalyst for recovery.

Led by Japan, Major Economies Set to Introduce Unified Cryptocurrency Regulations
Related: Led by Japan, Major Economies Set to Introduce Unified Cryptocurrency Regulations

Now the second-largest cryptocurrency market in the world, Japan may engineer its own salvation as a world leader of the of the fourth industrial revolution (4IR). Characterized by the fusion of IoT, AI, robotics, blockchain and various breakthrough technologies — the 4IR might be seen as a smorgasbord of Japan’s strong-suits.


“Blockchain rising: Japan’s cryptocurrency ecosystem leads world”

Late last year, US-based blockchain startup BitClave raised the equivalent of $25.5 million in 30 seconds following its initial coin offering (ICO). An ICO, or token sale, is a relatively new crowdfunding mechanism that entrepreneurs use to raise money for product development or to fund operations.

ICOs present a new liquidity mechanism and opportunities for innovation, but their meteoric rise has raised eyebrows and the regulatory hammer in a number of jurisdictions.

Apart from ICOs, cryptocurrencies and platforms such as blockchain—the technology underlying this new ecosystem—have come into the cross hairs of regulators following the loss in January of some $530 million in cryptocurrencies that were under the management of Tokyo-based cryptocurrency exchange Coincheck.

For experts who spoke to The ACCJ Journal, innovation via ICOs offer a great number of opportunities for disruption across all sectors. But with foundational issues still outstanding in blockchain, it remains to be seen if the technology is ready for widespread use.



“Japan Blazing Trail in Crypto, Blockchain Regulations”

Japan has emerged as a leading force in regulatory efforts related to cryptocurrencies and blockchain and continues to fine-tune its laws to protect consumers while allowing the market to remain vibrant.

“We made it a rule that, if people wanted to start an exchange, they had to join the association to comply with the guidelines. And while there was no enforcement mechanism for the guidelines, members could comply with them via self-regulation.”