Cryptocurrency Adoption and trends in Japan in 2023
It is estimated that over 5 million people, 4.0% of Japan’s total population, currently own cryptocurrency.(¹)
Japan has been at the forefront of the cryptocurrency revolution, with a favorable regulatory environment and strong support from both government and the financial sector. The country was one of the first to recognize cryptocurrencies as a means of payment and has been working to create a supportive environment for the crypto industry to flourish (2).
In terms of adoption, Japan has one of the highest rates of cryptocurrency ownership and usage in the world. Major retail chains and online platforms such as Recruit Lifestyle and Bic Camera (3) accept cryptocurrencies as a form of payment, and there are numerous crypto exchanges operating in the country (4) such as bitFlyer, Coincheck, and Bitbank.
The Japanese government has taken a proactive approach to regulate the crypto market, with the Financial Services Agency (FSA) implementing measures to protect investors and prevent money laundering and other illicit activities (5). This has contributed to a stable and secure environment for crypto trading and investment in Japan.