The Japanese Digital Market is primarily operated through the Rakuten Wallet, which is one of the most prominent exchanges worldwide. Rakuten announced that they’re implementing digital asset margin trading to its exchange’s available products. With this announcement, it was confirmed that it’d be released to consumers by Spring. This doesn’t mean they aren’t taking early registrations though, with a limited selection of clients having access to DAM Trading.
When Rakuten first launched their exchange, only three significant digital currencies were supported. This included Ethereum, Bitcoin and Bitcoin Cash. Adding in the addition of DAM Trading means two new cryptocurrencies for the Rakuten exchange. Those currencies include Ripple and Litecoin, allowing for upwards of fifteen pairing options for Japanese traders.
The Financial Service Agency of Japan allowed for the digital asset margin trading to be approved. However, they require that the margin trading levels drop by 2% down to a 2x valuation. This decision is being made to benefit the safety and protection of Japanese traders. It should be noted that leverages are listed at x2 as well.
Despite that there have been numerous instances of cryptocurrency exchanges being hacked in Japan, they remain as the most active market globally. The Financial Services Agency of Japan is growing increasingly concerned with the attacks. It’s rumoured that they’ll begin being more severe in their selection to who’s approved and rejected. Those considering engaging with this platform should know it was previously branded “Everybody’s Bitcoin” before being acquired in 2018 and rebranded. Those that do join can have access to the Rakuten Loyalty Points System.
The announcements statement reads: “As the Rakuten Group’s virtual currency exchange business, Rakuten Wallet will continue to provide transaction services that customers can use safely and securely, and further expand its services by leveraging Group synergy.”