Holding Crypto Assets In India Could Soon Be Legalized

Japan is one of the places in the world with the most positive stance towards cryptocurrencies and crypto innovation as a whole.
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In today’s blockchain news, we can see that one of the largest e-commerce companies of Japan-Rakuten, decided to launch its own crypto exchange in the following months.

The move by Rakuten will only mean that this asset class will be more valued by the millions of people living in Japan and will also boost the adoption of cryptocurrencies.

According to an official press release from Rakuten, the company is now valued at $13.5 billion. The trading platform dubbed Rakuten Wallet will likely launch by the end of June this year. The e-commerce giant will accept applications for accounts on the new platform starting in 15 days. All of the openings of accounts on the Rakuten Wallet will be free of charge.

Rakuten claims that it will also launch a native smartphone app for the wallet offering so that users can be able to trade ‘’virtual currency anywhere.’’ In addition, the company also enlisted a customer service that will be automated with AI technology so that Rakuten can mitigate a backlog of complains which is one of the major issues almost every Bitcoin startups is facing in a time of high traffic.

While it is still unclear which assets will be supported on the Rakuten Wallet, the company affirmed that they will have a cold storage system which means a higher level of protection especially since there were many hacks in the past few months including Cryptopia, Bithumb, and CoinBene.

The decision to launch a crypto exchange could be a result due to the approval for a crypto exchange license by the Financial Service Agency. It also means that Japan has serious intentions to build an economy that will be based on digital assets.

As previously reported, the president of the FSA-regulated exchange DeCurret announced a  new system that will allow the customers to hold a Suica card which is used for transportation by the East Japan Railway Company in order to top their balance with cryptocurrencies. This way, millions of Japanese citizens are using the Suica card only now they will be able to use their cryptocurrencies to pay for their trip. DeCurret is expected to support Litecoin, Bitcoin and Bitcoin cash trading.