The blockchain sector in Japan has been growing by more than 30% since 2019

The number of companies related to cryptocurrency and blockchain in Japan rose more than 30% this year.

Monex Group’s Monex Crypto Bank announced this to Cointelegraph Japan on June 30 As of May 2020, there will be 430 cryptocurrency and blockchain-related companies in Japan. This corresponds to a jump of 30.7% of the 329 companies registered in July 2019.

The data is part of the “Blockchain Data Book 2020” published by Monex Crypto Bank on Wednesday, which describes the conditions of the Japanese blockchain industry.

The blockchain sector in Japan has been growing by more than 30% since 2019
The blockchain sector in Japan has been growing by more than 30% since 2019

The Monex Group operates Coincheck, one of the largest cryptocurrency exchanges in Japan.

Many companies mainly focus on blockchain and cryptocurrencies

Of the companies, 64% “mainly” focus on cryptocurrency and blockchain-related companies, while 36% are “secondary”.

In the “Big Corporations” section, Monex identified 193 companies that deal with cryptocurrency and blockchain, of which 105 are mainly concerned with blockchain and cryptocurrency. The report also found 31 public companies doing cryptocurrency and blockchain business.

According to Monex Crypto Bank, there are 529 cryptocurrency-related blockchains and products in Japan. With the exception of dubious offers and applications that are no longer operational, there are currently 422 active products.

Breakdown of 422 active blockchain products

“The third pillar” for the cryptocurrency business in Japan

Yusuke Otsuka, co-founder of Coincheck, pointed to the gaming industry as a possible basis for the “third pillar” of cryptocurrency business in Japan after exchanges and mining, and said: “Regarding the third pillar, I think Japan has a solid base in the games.”

However, Otsuka also noted that there are some regulatory concerns, particularly regarding “Gacha,” a slot-based game that uses digital currencies. It is currently unclear whether the game can be classified as gambling, and Otsuka stated that game developers should communicate openly with Japanese regulators.

The Monex Group itself is actively investigating the potential of companies dealing with cryptocurrency and blockchain. Monex Securities was the first securities company to join the Japan Virtual Assets and Cryptocurrency Exchanges Association.

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