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Singapore Exchange Expects Japan to Foster Bitcoin Economy

Avatar Yashu Gola 5 years ago

Pan-Asian Bitcoin Exchange Quoine recently presented its opinion on the true potential of Bitcoin in a post-Mt Gox Japanese market.

In a statement given to the Japan Times, the Singapore firm’s CEO Mario Gomez Lozada counted a number of improvements that has been made by them to bring people’s confidence back into Bitcoin trading. In his view, the older Bitcoin exchanges, such as Mt. Gox, did not possess adequate knowledge to operate online financial services, a factor that led to its ultimate demise.

Singapore Exchange Quoine Expects Japan to Foster Bitcoin Economy - Quoine Exchange Japan Illustration

Quoine, on the other hand, followed a testified banking method to operate a newer Bitcoin exchange. It was made from scratch by a team of former banking veterans, specialized in various FinTech verticals like risk management, trading system, etc., which eventually helped the exchange become one of the leading Bitcoin companies in Japan.

“When we thought about it, Japan is the third-biggest economy in the world, huge economy, huge market . . . nobody was really tapping that market from a bitcoin perspective,” Gomez told the Japan Times while recalling his first experiences in an anti-Bitcoin Japanese climate. He further displayed concrete confidence in Bitcoin’s booming future within Japan if more companies like Quoine enter into the frame, providing adequate security for users’ funds with bank-grade methods.

“Quoine’s top priority is the Japanese market,” Gomez added.

Japan Recognizes Bitcoin Potential

At the end of last year, the Japanese government took a very unique initiative by making it unnecessary to regulate Bitcoin sales and purchases. It further trusted the veterans from the digital currency arena to come up and propose a self-regulatory authority within the legal framework. This overall led to the birth of the Japan Authority of Digital Assets (JADA), a Bitcoin advocacy group supported by the Liberal Democratic Party of Japan. It is however not regularized by the government, a thing that has kept away a majority of Japanese merchants away from accepting Bitcoins locally, fearing absence of adequate insurances. (Read Rakuten)

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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