Big Win for SHIB? Japan's Crypto Reforms Open New Doors

Shiba Inu community veteran Mazrael highlighted Japan's latest crypto push, which stands to benefit Shiba Inu.

According to Mazrael, Japan just took another major step toward becoming one of the world's most crypto-friendly economies.

This comes as cryptocurrencies are recognized as regulated financial products in the country. Last month, Japan's House of Representatives passed a bill that moves crypto regulation from the Payment Services Act to the Financial Instruments and Exchange Act.

The new rules, due to come into force next year, would treat crypto assets as financial instruments, subjecting them to lower taxes and stricter trading rules. They also open the door to new products such as exchange-traded funds (ETFs).

Mazrael also highlighted Japan's push toward legalizing crypto ETFs. Japan is getting closer to bringing cryptocurrency further into its mainstream financial system after indicating support for crypto exchange-traded funds. Finance Minister Satsuki Katayama stated the government is working on a legal framework to allow these investment products in the domestic market.

Big win for $SHIB?

Japan has over 14 million open cryptocurrency accounts, with low- to middle-income retail customers driving the growth.

Shiba Inu is positioned to benefit from this growing market as it is already on Japan's JVCEA Green List, which makes it easier for regulated platforms in the country to list. JVCEA said it had added Shiba Inu to the Green List last November. This is significant as being on the list is like getting a fast pass for Japanese exchanges.

$SHIB is also available through Mercoin, a Tokyo-based subsidiary of Japan's massive e-commerce and marketplace app Mercari, thus expanding access across Japan.

Japan opened a major door for $SHIB in April with its listing on Rakuten Wallet, a cryptocurrency trading platform owned by Japan's Rakuten Group. Shiba Inu is now utilized in the ecosystem, which includes Rakuten Pay with 44 million users, allowing $SHIB to reach people who have never even thought about crypto.