Japan weighed in on the debate this week when its Financial Services Agency officially recognized 11 companies as registered cryptocurrency exchange operators. In April of this year it recognized bitcoin as legal tender, solidifying it's lead in the space with just over 50% market share of the global Bitcoin exchange market.
With one of the highest smartphone penetration and mobile payment rates in the world, South Korea has also shown a keen interest in digital currencies, especially Ethereum and Ripple, with no major governmental roadblocks. Two exchanges, Bithumb and Coinone, have set up storefronts in Seoul to buy and sell cryptocurrencies in person, as well as at 7-Eleven stores across the country thanks to Coinplug.
India has 3 major bitcoin exchanges: Zebpay, Coinsecure and Unocoin with the use of cryptocurrency growing steadily. The move in November of last year by India’s Prime Minister Narendra Modi to demonetize the 500 and 1,000 rupee banknotes in an attempt to combat counterfeiters has pushed many towards cryptocurrencies. Values and Google searches have reached all-time highs.
Singapore, Hong Kong, Malaysia, Taiwan and others have also demonstrated enormous growth in use and adoption.
China, on the other hand, which has been a powerhouse in the mining of cryptocurrencies, has been forced by the government to discontinue services on all exchanges and trading platforms until further notice, including OKCoin and Huobi, which have until until Oct. 30.
