The blockchain and bitcoin have been the true salvation in the fight against decentralization. There are many Asian regions in which such crypto has been widely accepted and is gaining public interest with each passing minute. Japan is one of the countries where bitcoin usage has exceeded any expectations. There is no other part of the world where almost 60,000 merchants are accepting bitcoin but that is the case when it comes to this island. We are dedicating our following article to talk a little bit about the exchanges, gambling and regulations of bitcoin in Japan.
Regulations
Being world leader in bitcoin trading and usage compared to other regions come with little more strict rules than you might have expect. Main reasoning behind applying restrictions is to keep out criminal and terrorism activity funneling through Japan, since bitcoin is relatively anonymous asset and what we mean by relative is that you cannot pin point any names to the bitcoin transfers if those have not been collected prior to bitcoin purchases, while ensuring consumers being protected to a reasonable extent. Bitcoin is accepted as a legal tender in Japan but if a legal exchange wants to provide trading of this cryptocurrency then they must fill some requirements such as having operating capital of at least 10 million Yen, deploying sophisticated IT systems defenses that would protect this asset from loss or theft and providing information to users such like trading address, fee schedule and registration address. Among all of the above listed they must also establish systems and several processes which include internal rules, guidance for outsourcing, governance and employee training.
Exchanges
If you are a Japanese bitcoin user and looking to buy some of this asset then one of the best channels for any of you would be one of the following exchange platforms. CoinMama allows to purchase bitcoin from major regions of the world via debit and credit cards. BitFlyer is one of the biggest bitcoin exchange and broker in Japan. You can purchase bitcoin using many common financial channels at BF. CoinCheck is a bitcoin exchange based in Japan and allows registered users to purchase bitcoin via bank account or credit card transfers. Kraken is a widely accepted bitcoin exchange and allows Japanese residents to purchase bitcoin through their interface. Bitcoin ATM is one of the most convenient ways to acquire bitcoin and there are plenty of them available in Japan. Use CoinATMRadar to find the most closest one to yourself.
Gambling
In general gambling is prohibited in Japan according to the Chapter 23 of Penal Code but it comes with certain exceptions. The best examples is the government organized lotteries and public sports betting. The same law applies to online casinos and makes gambling online illegal while exceptions follow to the specific sites which are limited to only sports betting. There is an underground gambling network which is operated by the Yakuza crime syndicate but needless to say then visiting such organization might end up brewing a whole set of new problems if Japanese law enforcement should happen to raid the place. Despite online gambling being banned then gamblers are not exactly prosecuted and imprisoned if they choose to play on the offshore online casino sites and since bitcoin allowing some level of anonymity with it then that is one of the best choices for anyone trying to play a few casino games under the radar without mixing themselves in an underground crime network. We are not saying that anyone should be breaking any of the laws but simply noting the most reasonable possibility to do so.