to expand our services globally. Japan is set to begin recognizing bitcoin as a legal method of payment starting tomorrow. There are many migrant workers from Asia such as Philippines and India in Japan. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As we mentioned earlier a majority of our users are in Japan.
The country's legislature passed a law, following months of debate, that brought bitcoin exchanges under anti-money laundering/know-your-customer rules, while also categorizing bitcoin as a kind of prepaid payment instrument. BC: How has Coinchecks growth accelerated over your history? BC: Whats next for Coincheck? Coincheck is the first in the market to add features like leveraged trading, credit card payments and iPhone/ Android apps. We believe the benefits people can gain from criptomoneda sc bitcoin will surpass the bad image. Starting in July, purchases of virtual currency will be exempt from the consumption tax. For example, Nomura Research Institute's Yasutake Okano indicated in a May 2016 report that other Japanese laws may need to change to account for the tech, including the Banking Act and Financial Instruments and Exchange Act. This payment method takes a decent amount of transaction fee. Japanese electronics chain, bic Camera has partnered with Tokyo-based bitFlyer, which runs the countrys largest bitcoin exchange that currently comprises about 10 of the Bitcoin market.
Coincheck will process the transaction, converting the bitcoin into yen for the merchant. BC: How do you think the. YO: There are about 4 major competitors in Japan. It's a debate that began in the wake of the collapse.
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