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Love it or hate it, it is clear that there is a lot of money to be made from the cryptocurrency industry and naturally, a lot of countries want in on the action. Several countries over the years from Malta to the<a href="https://www.standard.co.uk/business/the-uk-is-on-the-cusp-of-being-a-crypto-hub-but-only-if-it-s-regulated-properly-b1077645.html" rel="noopener noreferrer nofollow"> United Kingdom have worked</a> to set themselves up as crypto hubs. 
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Within Asia, there appears to be a furious race to corner the crypto industry and Japan, in particular, is making strides. A string of recent regulatory decisions and efforts by the private sector shows that it could just become Asia’s main crypto hub. 
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<h2 style="text-align: center;" id="span-style-font-weight-400-consumer-protection-span">Consumer protection&nbsp;</h2> 
As crypto becomes much more popular around the globe, there has been a need for governments to work towards protecting users. From those investing for profit to those making domestic payments with it to those using crypto for <a href="https://japanesebetting.com/betting/" rel="noopener noreferrer nofollow">Sports betting in Japan</a>, so many are invested in crypto being safe. And the Japanese government seems to be getting on top of things. 
Just last month, Japan’s Financial Services Authority (FSA), announced a partnership with the Monetary Authority of Singapore (MAS). This partnership will see the pilot testing of various crypto projects and the exploration of joint regulation. These will likely lead to better regulation of crypto as a whole and better experiences for users.&nbsp; 
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And as we all know, better regulation and protection of consumers is essential for any country looking to become a business hub, crypto included. 
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<h2 style="text-align: center;" id="span-style-font-weight-400-encouragement-of-businesses-span">Encouragement of Businesses</h2> 
Besides creating a regulatory framework that would protect consumers, Japan also seems committed to creating a welcoming business environment for crypto companies. The same month the partnership with the MAS was announced, Japan also revised some of its existing tax laws.&nbsp; 
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More specifically, the National Tax Agency (NTA) announced that moving forward, it would no longer tax the unrealized gains from company-issued cryptocurrencies. Such gains would also be excluded from the market value evaluation of company assets. This tax break is a truly encouraging sign for an industry that has had a complicated relationship with tax bodies all over the world. It also shows that Japan is eager to get crypto businesses to set up shop in the country and is willing to put in the regulation that will make this happen. 
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<h2 style="text-align: center;" id="span-style-font-weight-400-local-adoption-span">Local Adoption</h2> 
It is worth noting that even as this happens, the Japanese market has already proven to be very receptive to cryptocurrency. First, there is the country’s impressive 4% adoption rate, which implies that 5 million people are already using cryptocurrency. The last year has also seen Japan rank as one of the countries with the fastest crypto growth in Asia and around the world. This is a very encouraging sign for a country trying to become a crypto hub and apparently succeeding.&nbsp; 
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There is also the presence of crypto companies in the country like Bitbank that have seen immense success so far. And with the new crop of pro-crypto regulations in Japan, we can expect more to follow.

How Japan is Establishing Itself as Asia’s Crypto Hub

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