Bitcoin cannot be more legal than anywhere else. Japan has one of the most welcoming and positive climates for Bitcoin and cryptocurrencies. And it is no coincidence that it leads to many other countries in blockchain startups. Japan is perhaps the largest market for cryptocurrencies in the world, a feat not possible without the help of the government and positive welcome from essential stakeholders. Now we will see how to buy bitcoin in Japan.
Bitcoin legislation in Japan
In April 2017, the Japanese government issued a directive to list Bitcoin and other cryptocurrencies as a legal asset listed in the Payment Services Act.
Domestic cryptocurrency exchanges are also very legal, unlike in neighboring China. All cryptocurrency exchanges are required to be registered with the Japans Financial Services Authority (FSA) and treated as domestic financial institutions.
Japan has been known as an advanced technology center around the world, with large companies like Sony and JVC, all local companies for many years now.
As a result, many of its leaders in government positions have worked with technology companies and technology giants in one way or another over time, opening the door to any technological advancement.
Japan’s efforts to promote innovation in Bitcoin and cryptocurrencies continue despite several dangerous failures. For example, the Bitcoin ecosystem in this country was severely affected in 2014 when the Mt. Gox has been hacked 650,000 Bitcoin. Furthermore, Japan’s National Police Agency reported that $ 540 million worth of digital money was stolen in the country in the first half of 2018.
But all of these failures seem to reinforce the determination of Japanese regulators to put in place measures that will close such incidents and accelerate the adoption of Bitcoin. The FSA, the country’s leading financial regulator, has published a draft report outlining the new cryptocurrency regulations.
New regulations indicate that regulators are taking proactive steps to deal with hacking incidents that have made it difficult for national exchanges.
However, these are just some of the positive measures being taken by the Japanese regulator in favor of Bitcoin and other cryptocurrencies. The country’s legislators are also proposing to reduce the tax rate on cryptocurrency investments.
Buy Bitcoin through Coinmama
Coinmama allows customers in almost every country to buy bitcoins using credit or debit cards. They charge ~ 6% for each purchase. Customers in Europe can also buy bitcoins with SEPA transfers for a lower fee.
Advantages:
- Works in most countries
- Highest limit to buy bitcoin with a credit card
- Reliable and trusted broker
Disadvantages:
- Some of the highest fees among debit/ credit card bitcoin brokers
Buy Bitcoin at Gemini
Gemini is a US-based exchange that has expanded into several countries, including Japan. Owned by the Winklevoss twins, Gemini allows anyone to buy Bitcoin and several other cryptocurrencies with bank account transfers.
Gemini has a pretty high limit, with some of the best transaction fees available. Gemini has several methods of executing orders, such as market orders, execution or cancellation, and auction.
Advantages:
- High regulation: Gemini is one of the most strictly regulated cryptocurrency exchanges in the world.
- High security: Gemini is very active in developing industry-leading security practices.
- Multiple trading types: Between direct purchases, ActiveTrader interface, auction, and fully electronic block trading, Gemini offers a variety of options.
- Deep liquidity: Gemini has a book of high liquidity orders.
Disadvantages:
- Limited coin options: Gemini offers only five cryptocurrencies.
- Fees are higher than other exchanges: Fees can be as low as 0% in some cases, but can also run significantly higher than other exchanges for similar types of transactions.
- Limited fiat deposit options: There are limited fiat deposit options and money transfers can be slow and expensive, especially for currencies other than USD
Buy Bitcoin in Japan at Kraken
Founded in mid-2013, Kraken is the largest Bitcoin exchange platform in the world, based on average daily trading volume. It supports deposits from US, British, Canadian, European, and Japanese customers. Deposits can be made via bank wire, SEPA, SWIFT, and bank deposits.
Advantages:
- Excellent and reliable financial exchange
- The acceptance fee of 0.25% is meager, down to 0.1% with sufficient trading volume
- Producer fees are meager, down to 0% with enough trading volume
- Deep liquidity for large buyers in the European market guarantees prices close to a fair market rate
- Highly rated for privacy
- Publish reserve audit evidence
Disadvantages:
- The user interface makes it difficult for first-time buyers
- ID verification required, so not private
Buy Bitcoin in Japan at bitFlyer
bitFlyer is the largest Bitcoin broker and exchange in Japan, in terms of users, daily average volume, and capital investment. It is one of the largest Bitcoin exchanges in the world. You can send money via credit card or bank transfer, with the Quick Deposit function enabled for many banks.
Advantages:
- Deep liquidity ensures prices close to the market rate
- Meager fees; Maximum 0.15%, more economical for more trading volume
- Entirely private for small trades; Only need a phone number or Facebook account for monthly limit of 250,000 JPY
- High or no limit for fully verified VIP or VIP traders
Disadvantages:
- Identity verification is required to unlock higher monthly limits
- Support is available from 9 am to 7 pm weekdays
- Limited payment options
- The exchange may be challenging to use for new Bitcoin users; It is directed at traders
Buy Bitcoin in Japan at Coincheck
Coincheck is a Bitcoin exchange based in Japan. Registered users can buy and sell bitcoins via bank transfer or credit card.
Advantages:
- Private to Japanese citizens buying bitcoins worth less than $ 500; No need to verify identity
- One of a few major Bitcoin exchanges in Japan
- Support many altcoins
Disadvantages:
- No charge to set up a credit card deposit; vary based on condition
- The exchange may be challenging to use for new Bitcoin users; It is directed at traders
Buy Bitcoin in Japan at Bitfinex
Hong Kong-based Bitfinex has long been one of the largest Bitcoin USD exchanges in the world. Bitfinex accounts can only be funded by bank wire; their fees for accepting such transfers are as low as 0.1%.
However, in August 2016, it was hacked and lost about 30% of users’ money. While Bitfinex may be useful for purchasing large quantities of bitcoin, it is probably best not to use exchange until it adequately compensates for the affected user.
Advantages:
- Meager fee even for low volume buyers; 0.1% for market makers and 0.2% for market makers
- One of the best ways to buy large amounts of bitcoin
- Lets fiat or bitcoin loans to traders who deposit interest rates (but this has risks in hacking)
- Very deep liquidity prompted a price close to the market rate
- Support some altcoin
Disadvantages:
- Has recently been hacked and has yet to compensate all users for their loss fully
- Towards traders; can be quite confusing for first-time buyers
- Single payment option
Buy Bitcoin in Japan at Changelly
Changelly agrees you buy bitcoins with Litecoin, Dogecoin, altcoins, and many other digital tokens. Changelly works in almost every country, but you’ll need another cryptocurrency to buy bitcoin. Exchanges happen practically immediately because Changelly never controls your tokens, only exchanges them.
Advantages:
- The easiest and fastest way to buy bitcoins with altcoin
- Fees are reasonable for larger traders
Disadvantages:
- Need altcoin or another digital token to use
Buy Bitcoin at LocalBitcoins
LocalBitcoins is an escrow service that also helps fit bitcoin sellers and buyers. The most popular payment method for purchases is cash. However, users can advertise transactions for any payment method they want.
Buying bitcoin through a live meeting, guaranteed and facilitated by LocalBitcoin, maybe one of the fastest and most private ways to buy bitcoin in any country.
Advantages:
- Can be private, fast and easy
- Direct transactions do not require the personal information
- Buying bitcoins can be done quickly through deposits
Disadvantages:
- Beware of scams; Always obey the rules!
- It is harder to buy large amounts of bitcoin than the major exchanges
- The price is slightly higher than regular exchange; Premium for more top privacy
Buy Bitcoin at Mycelium Local Trader
Mycelium Local Trader helps you get local Bitcoin sellers. When you find a seller, you will meet directly and make a transaction. Mycelium no charge. Users in low population areas will have difficulty finding sellers while Mycelium Local Trader works well in densely populated areas.
Advantages:
- Cheap and easy way to buy bitcoins with cash
- A private way to buy bitcoins, no personal information is required in addition to your mobile phone number
Disadvantages:
- Users in sparsely populated areas will have difficulty finding sellers
Buy Bitcoin at Bitcoin ATMs
Bitcoin ATM is a little-used method to get, but it is feasible. They offer unparalleled levels of security, although there is usually about 10% of fees associated with them. If privacy is a big deal for you, this can be a great option. Only two of the Bitcoin ATMs are in the country, according to Coinatmradar. Both are located in Fukuoka.
Source: Coinatmradar
Read more:
- How To Buy And Sell Bitcoin In Singapore?
- How To Buy And Sell Bitcoin In Indonesia?
- How To Buy And Sell Bitcoin In the Philippines?