Table of Contents
The dawn of rypto winter is near
Japan leads the way in the “safety” of crypto assets
There are many challenges to overcome, such as price fluctuation risks, dealing with the latest technology, and solving privacy and security issues, but by overcoming them, Japan can demonstrate its superiority.
The bankruptcy of FTX caused a shock in 2022. Since then, moves to tighten regulations on crypto assets have been accelerating overseas. On the other hand, in Japan, stricter regulations have been effective, and no major impact has been seen. Given these circumstances, now is the time for Japan to take the lead in the industry.
The presence of users is important for the growth of the industry. And one of the factors that users consider when trading crypto assets is the existence of new stocks.
Cryptocurrency exchange Bitpoint has a track record of expanding its user interface, with many cases of new stocks being handled for the first time in Japan. The instigator and representative, Genki Oda, is one of the key people who holds the key to promoting Web 3.0 in Japan.
Oda: 2023 started with Crypto Winter, when the crypto asset market slumped. The market environment is not positive, with major cryptocurrency exchanges announcing their withdrawal from the Japanese market. However, with the development of Web 3.0, the crypto asset market may become more active than ever. The government's positioning of Web 3.0 as one of its national growth strategies and the announcement by major companies to enter the crypto asset market are very positive signs for the market. In particular, transactions using NFTs and crypto assets are expanding, mainly among game companies, and market growth is expected. Additionally, in Web 3.0, the metaverse, which is a virtual space, is also attracting attention.
Metaverse does not require a physical store, has the opportunity to connect with people all over the world, and is highly compatible with crypto assets, which can be used as a universal payment method. In the near future, it is thought that businesses that trade NFT ownership rights with crypto assets will be established one after another on the Metaverse.
The World Economic Forum also announced at Davos in January 2023 a metaverse platform called the Global Collaboration Village that will enable people from different industries and regions to work together.
In the future, as more companies and people enter the market, it is expected that new business models will be created that combine crypto assets and the Metaverse, and the business economy is expected to expand rapidly.
On the other hand, the laws and issues necessary for the development of the crypto asset industry are still immature. This year, there will be a need to further strengthen AML (anti-money laundering) measures, such as compliance with the Travel Rule, and crypto asset exchanges will strengthen their business management systems.
Furthermore, in order to establish a new business model, it is necessary to resolve issues such as the risk of price fluctuations in crypto assets, technical issues with the metaverse, and privacy and security issues, and we believe this is the year in which these issues will progress. .
At BITPoint Japan, we are closely monitoring the changes in the market environment as Web 3.0 progresses, and we are aiming for ``More and new tomorrow.'' With this spirit, we will continue to take on challenges such as providing various new services.
◉Genki Oda
Representative director of Remix Point Co., Ltd., which is listed on the Tokyo Stock Exchange, and BitPoint Japan Co., Ltd., a crypto asset exchange company. He also serves as a director of the Japan Crypto Asset Business Association, the Japan Crypto Asset Trading Association, and the Japan Digital Space Economy Federation. Selected as a Young Global Leader at the 2019 World Economic Forum.
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