Japanese investors are not keen on crypto because of the lack of regulation as the head of the Coincheck Japanese crypto exchange said, complaining about the frameworks that help to foster crypto investors so let’s read more about it in today’s Crypto news.
In an interview with IT Media Satoshi Hasuo who is the Representative Director and President of Coincheck, said that there’s a “chance that the entire Japanese community will lose out on investment opportunities” while the counterparts in the West are boosting their crypto investments. Coincheck is now the only exchange in the country that offers OTC transactions for bigger customers and Hasuo even said that these factors like American regulators which allow banks to take charge of the crypto custody, helped to sway investors to crypto. In Japan, however, banks are yet to receive permits to offer such services. Hasuo continued:
“There is no legal framework for domestic institutional investors. There are also accounting problems. [The government] needs to introduce regulations.”
The Coincheck boss stated that a rush of investors to the market could have helped drive up the prices but bigger Japanese investors saw little or none of this action. He said:
“Overseas, a considerable number of institutional investors are coming in, which is spurring the market on. There is no equivalent movement from corporations and institutional investors in Japan. We do have OTC customers, but these are few in number. And almost none of them are listed companies.”
In the meantime, another expert stated that some Japanese companies want to pursue BTC and altcoin-buying strategies like the one executed by companies like Microstrategy but hinted that regulatory clarity will help to boost this trend. Japanese investors are not keen on crypto yet, but all this could change in the next few months. As recently reported, SBI claims XRP is a crypto asset in Japan and it is probably the only company that got Ripple’s back in the latest lawsuit developments. Japan-based financial giant SBI Holdings released a new statement saying that under the Japanese law, Ripple is not a security, it is rather a crypto asset.
The statement arrived after the US Securities and Exchange Commission sued Ripple Labs claiming that it made about $1.3 billion in profits for selling XRP to retail investors but failed to register the cryptocurrency as a security in the US.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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