Bitcoin reserve
Is Japan finally prepared to adopt Bitcoin? Kanchanara/Unsplash

KEY POINTS

  • Japanese firm Metaplanet is Asia's largest known corporate holder of Bitcoin
  • The company's Sunday shareholders meeting was fully packed amid increasing interest in its $BTC strategy
  • Japan's top financial regulator is reportedly looking to change its approach toward crypto

Bitcoin used to be a niche asset that only a few people in the tech space used, but over a decade since it was first introduced to a skeptical fintech community, companies are investing in the cryptocurrency. Among the recent firms that grabbed the attention of the crypto world is Metaplanet.

The Japanese company held a shareholders meeting Sunday, boasting a full house with people still in line waiting to get a seat. At the same time, Metaplanet announced it has acquired an additional 150 BTC, bringing its total stash to 3,350 Bitcoin.

Is Japan Ready for Bitcoin?

Bitcoin Magazine CEO David Bailey shared photos of his experience at Metaplanet's shareholders meeting, showing how the venue was packed with attendees and media personnel that sought to know more about the Japanese public company's Bitcoin strategy.

He also shared a photo of a past Bitcoin meeting where there were only some four people present, highlighting the massive growth the world's first digital currency experienced since it splashed into the fintech space.

For Bailey, "Japan is ready for Bitcoin," considering the growing interest of people on Metaplanet's BTC investments.

The big question is, is Japan actually ready for Bitcoin?

It was reported last month that Japan's top financial regulator is considering changes to its approach toward digital assets by 2026 following extensive meetings with other regulators and industry players.

Among the reported discussions is whether Japan will regulate crypto assets under its Financial Instruments and Exchange Act (FIEA) or its Payment Services Act, as per a Google translation of the report.

Japan took a stern take on crypto and Bitcoin after Tokyo-based BTC exchange MtGox crashed in 2014. The exchange saw multiple system breaches before some 850,000 Bitcoin was swiped from the exchange – 750,000 of the said digital coins belonged to customers.

Over a decade since the incident, it appears that Japan has started softening up to Bitcoin and crypto as companies work toward strengthening investor protection processes and security guardrails.

Metaplanet's Role in the Transition

Metaplanet is among the few companies worldwide that adopted Strategy's (formerly MicroStrategy) Bitcoin treasury strategy.

The company has consistently been stacking up on BTC in recent months and it is Asia's known largest corporate holder of Bitcoin. It also recently entered the Top 10 publicly-listed companies holding BTC, marking a major milestone in Metaplanet's BTC strategy.

Just last week, it added U.S. presidential son Eric Trump to its newly formed Strategic Board of Advisors.

It remains to be seen whether Japan will pursue a path that further opens up the nation's financial realm to Bitcoin and the broader crypto industry.

Bitcoin has plunged significantly from its all-time high above $108,000 in January, but it slightly climbed over the weekend and is up 3% in the day.

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