Japan’s Blockchain Industry Records Robust Growth
Japan is witnessing a surge in the number of blockchain and crypto focused companies. According to Monex Crypto Bank, a division of Monex Group, there is a 30% increase in blockchain and crypto focused firms. As of May 2020, there are 430 blockchain and cryptocurrency firms in Japan. This reflects a 30.7% increase from the 320 firms recorded last July.
The info has been divulged in the “Blockchain Data Book 2020,” which was published by Monex Crypto Bank. The book also describes the prevailing situation in Japanese blockchain sector. Monex Group owns and operates Coincheck, one of the largest cryptocurrency exchanges in Japan.
Notably, 64% of the firms’ work is mainly centered on cryptocurrency and blockchain-associated businesses, while 36% of the firms do not have blockchain as their core business.
Monex has categorized 193 cryptocurrency and blockchain associated enterprises as “large corporations” out of which 105 are mainly involved in blockchain and cryptocurrency related business.
The report further identified 31 public sector enterprises carrying out cryptocurrency and blockchain related business.
Monex Crypto Bank has revealed that there are 529 blockchain and crypto related offerings in Japan. Barring suspicious products and apps that are not active anymore, there are presently 422 valid offerings.
Yusuke Otsuka, the co-founder of Coincheck opined that gaming sector is the “third pillar” after cryptocurrency exchanges and mining in the blockchain industry. Otsuka said
“As to the third pillar, I think Japan has a strong foundation of gaming.”
Nevertheless, Otsuka also pointed out that there are some regulatory issues, specifically with regard to “gacha,” a slot machine game supporting cryptos. There is no clarity as to whether it can be categorized as gambling and Otsuka stated that game creators need to interact openly with Japanese regulators.
Monex Group is proactively studying the capability of crypto and blockchain tech related businesses. Notably, Monex Securities turned out to be the first securities firm to become a member of the Japan Virtual and Crypto Assets Exchange Association.