Singapore Exchange Expects Japan to Foster Bitcoin Economy

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Singapore Exchange Expects Japan to Foster Bitcoin Economy

Pan-Asian Bitcoin Exchange Quoine recently presented its opinion on the true potential of Bitcoin in a post-Mt Gox Japanese market.

In a statement given to the Japan Times, the Singapore firm’s CEO Mario Gomez Lozada counted a number of improvements that has been made by them to bring people’s confidence back in Bitcoin trading. In his views, the older Bitcoin exchanges, such as Mt. Gox, did not possess adequate knowledge to operate online financial services, a factor that led to its ultimate demise.

Singapore Exchange Quoine Expects Japan to Foster Bitcoin Economy - Quoine Exchange Japan IllustrationSingapore Exchange Quoine Expects Japan to Foster Bitcoin Economy - Quoine Exchange Japan Illustration

Quoine, on the other hand, followed a testified banking method to operate a newer Bitcoin exchange. It was made from the scratch by a team of former banking veterans, specialized in a various of FinTech verticals like risk managements, trading system, etc., which eventually helped the exchange becoming one of the leading Bitcoin companies in Japan.

“When we thought about it, Japan is the third-biggest economy in the world, huge economy, huge market . . . nobody was really tapping that market from a bitcoin perspective,” Gomez told the Japan Times while recalling his first experiences in an anti-Bitcoin Japanese climate. He further displayed concrete confidence in Bitcoin’s booming future within Japan if more companies like Quoine enters into the frame, providing adequate security for users’ funds with bank-grade methods.

“Quoine’s top priority is the Japanese market,” Gomez added.

Japan Recognizes Bitcoin Potential

At the end of last year, Japanese government took a very unique initiative by making it unnecessary to regulate Bitcoin sales and purchases. It further trusted the veterans from digital currency arena to come up and propose a self-regulatory authority within the legal framework. This overall led to the birth of Japan Authority of Digital Assets (JADA), a Bitcoin advocacy group supported by Liberal Democratic Party of Japan. It is however not regularized by government, a thing that has kept away a majority of Japanese merchants away from accepting Bitcoins locally, fearing absence of adequate insurances. (Read Rakuten)