Japan's e-commerce giants Rakuten and Yahoo Japan are making significant strides into the cryptocurrency sector, signaling a major shift in the country's digital finance landscape. This article explores their strategic moves, regulatory approvals, and the implications for Japan's crypto economy.
Rakuten Launches Certified Crypto Exchange
On March 25, Rakuten announced that its subsidiary Rakuten Wallet received official registration and approval from Japan's Financial Services Agency (JFSA) to operate as a cryptocurrency exchange.
Key Developments:
- Acquisition & Rebranding: Rakuten Wallet, formerly Everybody’s Bitcoin, was acquired in August 2018 for ¥265 million (~$2.4 million). After restructuring management systems and enhancing internal controls, it rebranded in March 2024.
- Service Transition: The platform paused operations in late March and relaunched in April under its new identity, offering secure crypto trading services.
- Strategic Vision: Rakuten anticipates increased adoption of crypto payments in e-commerce, retail, and P2P transactions. The exchange aims to meet demand from Rakuten Securities’ forex clients seeking crypto conversion services.
"Rakuten Wallet commits to advancing the crypto market with enhanced security and expanded functionalities for user safety." — Rakuten Official Statement.
Yahoo Japan-Backed TAOTAO Exchange Debuts
YJFX, Yahoo Japan’s forex subsidiary, unveiled TAOTAO (formerly BitARG), a crypto exchange set to launch in May 2024.
Highlights:
- Pre-Registration Campaign: Users who signed up between March 25 and April 17 received a ¥1,000 (~$9.09) bonus.
- Initial Offerings: Limited to Bitcoin (BTC) and Ethereum (ETH) at launch, with plans to add Litecoin (LTC), Ripple (XRP), and Bitcoin Cash (BCH) for margin trading later.
- Corporate Backing: YJFX acquired 40% of BitARG in 2023 for ¥2 billion (~$18 million), marking Yahoo Japan’s formal entry into crypto.
Japan’s Progressive Crypto Regulations
Japan has solidified its position as a crypto leader through regulatory advancements:
- Revised Laws: Updates to the Financial Instruments and Exchange Act and Fund Settlement Act provide clearer legal frameworks for crypto assets.
- Regulatory Approach: Japan’s relatively supportive stance contrasts with stricter policies in other developed nations, fostering innovation while ensuring security.
👉 Explore how Japan’s regulations compare globally
FAQs
1. Why did Rakuten enter the crypto market?
Rakuten aims to integrate crypto payments into its e-commerce ecosystem and meet client demand for crypto trading services.
2. What cryptocurrencies will TAOTAO support initially?
TAOTAO launches with BTC and ETH, expanding to LTC, XRP, and BCH later.
3. How does Japan regulate cryptocurrency exchanges?
Exchanges must register with the JFSA and comply with anti-money laundering (AML) and cybersecurity standards.
4. Is TAOTAO offering any sign-up incentives?
Early registrants received a ¥1,000 bonus during the pre-launch campaign.
👉 Learn more about secure crypto trading platforms
Sources: Rakuten Press Release
Keywords: Rakuten Wallet, Yahoo Japan crypto, TAOTAO exchange, Japan cryptocurrency regulations, BTC/ETH trading, Rakuten Securities, YJFX
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