Exchange Chief: Japan’s Global Crypto Market Share Is Dwindling
Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...
The founder of the SBI-owned BITPOINT crypto exchange has claimed that Japan’s share of the global crypto market is on the decline.
The comments came from Genki Oda, the BITPOINT founder and the Chairman of the self-regulatory Japan Cryptocurrency Exchange Association.
Oda also serves as the head of the JCBA, Japan’s biggest crypto and blockchain association, and is an Executive Vice President at SBI.
The BITPOINT founder was mediating a session at the WebX2024 summit, the Japanese media outlet CoinPost reported on September 3.
Oda began the session by pointing out that “there was a time when about 50%” of global Bitcoin (BTC) trading was conducted in Japanese yen.
He explained that the country was the global crypto epicenter from 2017 to 2018. However, he lamented that “as of 2024,” the Japanese yen’s trading volume only accounts for “a small percentage of the global share.”
Worse still, Oda noted, “Japan’s presence” in the market is “fading.”
Also attending the session were two key Liberal Democratic Party (LDP) lawmakers: the web3 project team chair Masaaki Taira and the LDP Financial Research Committee Secretary-General Takao Ochi.
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The LDP is Japan’s ruling political party. Oda quizzed the lawmakers on the government’s response to Japan’s dwindling influence on the global crypto scene.
“Former President Donald Trump recently made headlines when he announced his intention to incorporate cryptoassets into his policies. He said that Bitcoin
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