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December 5, 2022
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Blockchain in Japan: the market has grown by 30% since 2019 | Blocksats

The Japanese blockchain sector has grown by over 30 percent from 2019. The number of companies related to cryptocurrencies and blockchain in the country has increased so much.

Blockchain and Japan

Monex Crypto Bank, which is part of the Monex Group, handed over to the journalist on June 30 Cointelegraph Japanthat in May 2020 there were as many as 430 companies related to cryptocurrencies and blockchain in Japan. This gives an increase of 30.7 percent. compared to 329 companies registered on this market in July 2019.

This data is part of “Blockchain Data Book 2020”which Monex Crypto Bank issued on Wednesday, July 1, describing the Japanese blockchain market.

Let’s add that Monex Group operates Coincheck, one of the largest cryptocurrency exchanges in Japan.

64% of companies “mainly” focuses on activities related to cryptocurrencies and blockchain, while 36 percent it is involved in other industries, and blockchain technology and digital currencies are just a side activity.

In the section entitled “Large corporations” Monex recorded as many as 193 companies related to cryptocurrencies and their technology, of which 105 mainly conduct activities related to this topic. The report also found 31 public companies operating in the field of blockchain.

The “third pillar” in the cryptocurrency industry in Japan

Yusuke Otsuka, co-founder of Coincheck, also noted that today the gaming industry should be considered the foundation “Third pillar” blockchain market in Japan, right after the stock exchanges and mining. He stated that Japan “Has solid foundations”, when it comes to this one “Third pillar”.

However, Otsuka also noted that there are some concerns about the regulations that officials create in Japan. In particular, it is about the market of slot-based games that use digital currencies. It is currently unclear whether such games can be classified as a type of gambling, and Otsuka stated that “Game developers must communicate openly with Japanese regulators.”

The Monex group itself is actively exploring the potential of companies related to cryptocurrencies and blockchain. Monex Securities has become the first listed company to join the Japan Virtual and Crypto Assets Exchange Association.

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