After the surged adoption and demand of cryptocurrencies, the wider market has been flooded with the launch of new applications and software promising investors a heavy return; yet in the most recent development, Japan financial authorities have asked Google Playstore and Apple App Store to remove some crypto exchange, falling to comply with the rules and regulations of the nation.
The list provided by the Financial Service Authorities of Japan to Apple and Google includes KuCoin, Bitget, LBank, MEXC, and one other whose download needs to be halted immediately in the territories of Japan.
It is worth noting that the identification of registered and unregistered exchanges has become quite difficult for the users, which is further resulting in unprecedented losses due to non-compliance with the nation’s laws.
Soon after the request from FSA, Apple blocked the access of these identified exchanges for users in Japan. As per the experts, the nation has remained cautious towards cryptocurrencies and their operations, compared to any other nation in Asia.
Restrictions over exchanges to affect crypto users in Japan
Analysts believe that restrictions over the download of these leading exchanges will definitely affect the sentiments of the investors and traders in Japan with speculation of funds stuck and others following the restrictions.
Japan is one of the nations that has an appreciated number of digital asset users and holders, as per a report roughly 6 percent of total internet users in the country hold and trade cryptocurrencies.
In terms of trading, Bitcoin remains the favorite followed by Official Trump, XRP, Solana, Ethereum, and Vine Coin. Most importantly, the stance of Japan has remained cautious and skeptical over digital assets, with a concern of volatility and growing illicit activities.
On the other hand, regions such as Hong Kong and the UAE have given good recognition to cryptocurrency by structuring a good set of rules and regulations for their betterment and widespread use.
Nowadays the discussion over cryptocurrencies has shifted towards the launch and sudden popularity of exchange-traded funds that have given a unique opportunity to the ones seeking to invest in crypto with less investment.
In the last week of December 2024, it was reported by Todayq that a letter in the name of the Prime Minister of Japan notes that adopting the Bitcoin reserve is still a risky decision that might affect the financial structure of the nation.
The government’s statement restated that Japan’s reserves are meant to support bond markets and assets denominated in foreign currencies and that digital assets, like Bitcoin, do not now qualify as foreign exchange under current rules.
Until publishing the cryptocurrency market capitalization was $3.21 trillion, and the trading volume was $125.43 billion. At the same time, Bitcoin was trading below the 20 and 50-day exponential moving average, exchanging hands at $97,479 with a weekly decline of 6.44 percent.
In the past few hours, a major bull dominance has been seen in the market with a major pump in the price of newly launched Berachain, with Flare and Ondo adding a significant amount to its prices.
