With the cryptocurrency world recovering from the news of China’s sweeping ban on digital coin launches, Asian countries are taking sides. South Korea swiftly followed China’s lead in planning to ban initial coin offerings - to the heavy opposition of local entrepreneurs - while Taiwan has warmed up to them instead.
Then there’s Japan, an early adopter in the region to recognize Bitcoin as legal tender and whose regulators endorsed 11 cryptocurrency exchanges in September. Today, Japan’s influence on Bitcoin is greater than ever. With neighbors China and South Korea turning away from ICOs, many in the industry seem to hope Japan, now trading 63% of the world’s Bitcoin, will be the liberal safe haven for the cryptocurrency scene’s latest trend.
But Koji Higashi, cofounder of digital token wallet IndieSquare and an outspoken figure in Japan’s cryptocurrency scene, would not be so daring. Despite recent moves, there is still uncertainty over the country's stance on ICOs. Contrary to popular opinion, many of Japan’s industries are risk-averse and conservative, and he thinks a crackdown on new crypto coins is still a “definite possibility.”
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