Bitcoin booms in Japanese market

Bitcoin trading is picking up pace in Japan after legislation passed by the government sees public trust improve.

The region reportedly saw ¥430bn ($4.29bn) traded in the first half of the year, some 50 times the amount in the first half of 2015. Last month alone more than ¥200bn ($1.99bn) was traded, also about 50 times more than was traded in the same month last year.

The dramatic boost is in part the result of wild fluctuations in the Japanese Yen prompting more currency spectators to look to the digital money markets.

Japan’s regulatory environment is also helping bitcoin, with the country passing legislation in May demanding digital currency exchanges improve their financial foundations and report any suspicious trading to Financial Services Agency.

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