Since the Japanese government started recognizing bitcoin as a method of payment on April 1, online exchanges, funds and remittance companies have been racing to formally register with the FSA. “The process is expensive, demanding, laced with invisible tripwires and not all applicants, by any means, will be successful,” the Financial Timesreports, adding that “the prize, though, could be spectacular.”
By October 1, any bitcoin exchanges or money transfer businesses wanting to operate in Japan must be registered with the FSA and be submitted to annual audits. They have to comply with many new rules such as having extensive know-your-customer (KYC) processes and separate customers funds from their owns.
Once registered with the FSA, these companies will be able to offer their bitcoin services and products to Japanese retail investors which largely comprise of Mrs Watanabe. The term Mrs Watanabe refers to Japanese retail investors, originally housewives trading online at home. They are historically risk-averse but now favor FX margin trading. Over the past decade, they have become a big player in currency trading to combat low-interest rates in Japan.
According to a survey in April 2016 by the Bank of Japan which was published in September last year, the average daily turnover of the Japanese foreign exchange market was $399 billion. This translates to roughly $145 trillion annually.
Full story at http://bit.ly/2pWphkH
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