Japanese Yen Overtakes US Dollar as the number One Fiat Option for Bitcoin

Japanese Yen Overtakes US Dollar as the number One Fiat Option for Bitcoin

There has been a lot of pairing going on in the crypto market ever since it’s evolution 10 years ago. One of the most trading pairs for Bitcoin in terms of fiat has been the US dollar. But now, the Japanese Yen has surpassed USD in Japan as the most fiat trading pair for Bitcoin.

Going by the information available from Coinhills, a crypto data monitoring and evaluation site, the Japanese Yen now has a share of 48.34% in all Bitcoin to Fiat exchange, while the US dollar, South Korean Won, and Euro shares 43.77%,6.08%, and 1.07% respectively.

However, the Chinese local currency Renminbi was not considered in the ranking ever since the Chinese Government started clampdown on cryptocurrency firms and exchanges in Sept 2017. This made some of the big names in crypto to like Binance, and Bitmain to relocate to other countries with friendly cryptocurrency policies.

Most of the migration was to Japan, Singapore, and South Korea with the Japan crypto market gaining a lot of crypto investors from China, prior to the Coincheck hack of Jan which led to a loss of about $534 million worth of NEM and the tightening of the crypto market by the Japanese authority to safeguard investors.

Local News outlet reported that the Financial Services Agency (FSA) of Japan had recently released a new guideline which outlines its policies on the crypto market and Coin check will be given a new license that could permit them to begin crypto exchange, even though it has reactivated some of its services.

“In deciding whether to grant licenses, the FSA will scrutinize business plans, anti-hacking measures and the effectiveness of shields put up against other misconduct. Exchanges applying for approval will have to answer a 400-item questionnaire.”

Also, there is a reduction in crypto tax from 55% to 20% for capital gain tax by the Japanese authority and tax-free crypto to cryptocurrency trading and payments.

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