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Cryptocurrencies

Japanese yen surpasses US dollar in Bitcoin-to-fiat transactions

Thursday 27 December 2018 | 10:18 AM CET

The Japanese yen has surpassed the US dollar in terms of becoming the most traded national currency in the Bitcoin-to-fiat market.

According to data from Coinhills, currently the yen has a 48.34% market share in comparison to 43.77% for the US dollar. The third and fourth most traded national currencies in the BTC-to-fiat markets, which follow the ones mentioned, are the Korean won at 6.08% and euro at 1.07%.

In September 2017, China banned Bitcoin exchanges, thus losing its dominance as the largest Bitcoin exchange market with daily trading volumes dropping by 50% from roughly 15% to less than 7%. As such, Japan gained ground at that time, however it then lost market share following several big exchange hacks, including an estimated USD 530 million stolen from Tokyo-based Coincheck. To improve infrastructure and security of cryptocurrency exchanges, Japan’s Financial Services Agency (FSA) issued new guidelines that introduce a registration system and maintains an internal control system.

Coincheck, after meeting standards and requirements, will be licensed and approved by the FSA to operate an exchange. The FSA will scrutinise business plans, anti-hacking measures and the effectiveness of shields put up against other misconduct. Moreover, exchanges applying for approval will have to answer a 400-item questionnaire.

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