- State-level Bitcoin adoption has been slow to catch on.
- Samson Mow’s latest Bitcoin push takes him to Japan.
- Japan‘s crypto industry seeks a lighter regulatory touch.
State-level Bitcoin adoption is seen as a crucial step toward global hyperbitcoinization. Yet, much to the frustration of Bitcoiners, El Salvador remains the only nation to officially embrace BTC at the national level.
To change the status quo, Samson Mow, founder of JAN3, has brought his Bitcoin advocacy to Japan. Mow hopes to ignite interest in state-backed Bitcoin adoption by engaging with top regulators and showcasing its potential as an alternative financial instrument.
Pushing Bitcoin Adoption in Japan
In his push for state-level Bitcoin adoption, Mow met with Junichi Kanda, Japan’s Minister of State for Financial Services, on Friday.
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Their discussions covered a range of topics, including the potential for Japan to adopt BTC and the broader movement of Bitcoin adoption across other nations. The pair also touched on the implications of Donald Trump’s proposal for a US national Bitcoin reserve.
Neither Mow nor Kanda provided concrete details about Japan’s likelihood of adopting Bitcoin at the state level. However, Kanda noted that the pair exchanged opinions on cryptocurrency’s future prospects.
Despite the lack of feedback, the meeting likely sparked discussions within Japan’s crypto industry, which has been advocating for relaxed regulations.
Industry Wants a Lighter Touch
A coalition of major Japanese firms, including Sony, Nippon Telegraph & Telephone, Toyota, and Mitsubishi UFJ Financial Group, is calling on the Financial Services Agency (FSA) to relax strict regulations that are stifling the growth of the crypto industry.
While Japan has been a pioneer in crypto regulation, being among the first to implement exchange rules in 2017 and a stablecoin framework in 2022, these advancements are overshadowed by heavy restrictions.
Compounding the situation, the recent resignation of Prime Minister Fumio Kishida has introduced an element of uncertainty regarding whether his successor will maintain a pro-blockchain position.
The onerous licensing regulations and the challenges of starting a crypto business in Japan were highlighted as significant points of contention within the industry.
On the Flipside
- The FSA is looking to overhaul crypto taxes, which can be as high as 55% for individuals.
- Mow sees a $100k ‘omega candle‘ in Bitcoin‘s near future.
Why This Matters
Despite the buzz surrounding Mow’s visit, Japan’s conservative financial culture and complex regulations may pose obstacles to state-level Bitcoin adoption in the country.
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