Japanese financial authorities have asked Google and Apple to remove some crypto exchanges from their app stores, citing non-compliance with national laws.
Request from Japan's Financial Authorities
The Japanese financial authorities have requested the removal of crypto exchanges such as KuCoin, Bitget, LBank, and MEXC from the Google Play and Apple App Store. These platforms must be blocked from download in Japan immediately. Users find it challenging to distinguish between registered and unregistered exchanges, leading to unexpected losses.
Impact on Crypto Investors in Japan
Analysts suggest that restrictions on downloading leading exchanges might affect investors' sentiments in Japan. This could lead to funds being stuck and other issues related to the restrictions. Approximately 6% of internet users in Japan hold and trade cryptocurrencies, with Bitcoin being a favorite among traders.
Global Stance and Future of Cryptocurrencies
Regions like Hong Kong and the UAE have given significant recognition to cryptocurrencies by developing regulations. Recently, Japan discussed adopting cryptocurrencies as reserves but refrained due to associated risks. As of now, the cryptocurrency market capitalization is $3.21 trillion, and Bitcoin has declined by 6.44% over the week.
Japan continues its cautious approach towards cryptocurrencies, enhancing security measures as the market expands. This decision is expected to significantly impact the industry and user behavior in the country.
