TechFlow news, on July 8, the Bitget Research Institute released a market analysis report on Japan, comprehensively examining the region's current state from dimensions such as overall market conditions, characteristics of cryptocurrency users, competitive landscape, and advantages of various platforms. In terms of the overall market, Japan ranks globally 18th in cryptocurrency adoption and acceptance, placing it among the world leaders. The number of daily active users (DAU) on centralized exchanges in Japan is approximately 350,000, comparable to Turkey and about two-thirds of South Korea’s user base.
From regulatory and cultural perspectives, following the "Mt. Gox hack" incident, the Japanese government recognized early on the importance of regulating cryptocurrencies and has since developed and implemented relevant policies. Regarding payments and deposit/withdrawal of assets, Japan offers a relatively favorable crypto payment environment. Offline stores in bustling areas such as Roppongi and Ginza accept payments in BTC and ETH tokens.
In trading behavior, Japanese users prefer spot trading, primarily focusing on major cryptocurrencies and tokens from local Japanese projects. Japan boasts strong domestic exchanges such as Bitbank, Bitflyer, and Coincheck, which collectively capture over 42% of CEX traffic share in the region.
Looking at trending search terms over the past year, popular keywords among Japanese users include: SHIB, DOGE, Solana, XRP, and ADA. Over the past three months (February 28 – May 28), rapidly rising searches in Japan included: PEPE, QUBIC, AEVO, and NOT. Japanese users show significant interest in on-chain asset interactions, especially in the NFT sector, with notable attention paid to “Wallet,” “NFT,” and “Blur.” They are also highly engaged in NFT trading, on-chain task platforms, on-chain trading, and Web3 gaming. Additionally, Japanese users exhibit relatively lower interest in ETH and Base chain trading compared to Solana and BSC-based tokens.
The Bitget Research Institute forecasts that by the end of 2024, Japan’s DAU participating in cryptocurrency trading will reach around 500,000. One to two blockchain gaming projects in Japan may receive capital support and emerge as significant global cryptocurrency projects. Furthermore, transaction aggregation features and NFT trading wallets are expected to gain increasing favor among Japanese users.
