May 10, 2021
With investors around the world fueling another crypto asset boom since late last year, elevating the values of digital currencies such as bitcoin, Japanese players in the space are hopeful that the country will be able to advance to the next stage after undergoing a period of scrutiny and renewal.
Perhaps, the most symbolic indication of the local industry’s progress is the steady growth recorded by Coincheck Inc., which is now under Monex Group Inc., an online brokerage.
A hacking attack that hit Coincheck in January 2018 put a wet blanket on a growing cryptocurrency frenzy. In the aftermath of the massive cryptocurrency heist, which saw ¥58 billion worth of NEM coins taken from the Tokyo-based startup, Japan’s cryptocurrency market appeared to have lost vigor amid an intensified crackdown on virtual currency exchange operators by the country’s financial watchdog.