Monex Securities, which is a huge online security in Japan, has recently released the first cryptocurrency contract-for-difference (CFD) in this country. Japan is definitely adopting cryptocurrencies, and CFDs will play a huge role in this type of economy, especially because there has been a big spike in crypto trading.
What are contracts-for-difference
A CFD is an exchange between the buyer and seller allowing the buyer to pay the price gap between the actual and future value of the asset that’s actually being bought. This agreement in ensured via a digital contract that binds the value of that asset. Besides, CFDs are a safer way of selling and also buying crypto assets when comparing to trading using exchange sites.
Monex announced on the 8th of July that they’re opening CFDs for cryptocurrencies such as Ethereum, Bitcoin Cash, XRP and Bitcoin. This is a huge advantage for people using this type of currency and there are a lot of people who currently do. So, it was only a matter of time that this would happen. Monex should also know that Bitcoin is the best cryptocurrency for gambling but there are others.
The background for this decision
On the 1st of May, FIEL implemented a law that was about business with crypto trading. This law decided that all the business entities that would feature crypto derivatives would be advised to register their own business as a Financial Instrument Business.
According to Monex, they will add even more digital assets to their service after studying which are the current trends in demand, price fluctuation risks, liquidity risks and also crypto blockchain network risks. These are incredibly important for Monex to know, especially when it comes to the cryptocurrency gambling. These days gambling is growing in Japan and it’s possible to pay with several cryptocurrencies.
Aside from CFDs, Monex Group, which is the parent company of Monex, runs Coincheck which is a huge crypto exchange company in Japan. This one has recently announced that it’s going to support BATs (Basic Attention Tokens). These Bats will allow investors to send, receive and also trade ERC-20 token withing the exchange.
The advantages of cryptocurrencies
These days, there are a lot of gamblers who use cryptocurrencies in Japan and this means that Monex won’t find any problems all. In fact, it will find plenty of clients. Cryptocurrencies are anonymous and work very well when it comes to payments and that’s why they have been so popular in the last years.
Recently, gambling coins had a huge increase. The reason for this is the pandemic we’re going through. So it’s only natural that this happened. There are many people using especially Bitcoin nowadays, which is the most popular cryptocurrency. However, there are a lot of people betting on other types of cryptocurrencies like Ethereum, Litecoin, NEO, etc. Many Japanese people are searching for an live casino where they can make deposits and withdrawals using Bitcoin.
Cryptocurrencies in Japan
People who use cryptocurrencies in this country have been increasing and the reasons are multiple. But, especially, because they’re anonymous and there are a lot of people who are still buying Bitcoin, Litecoin and other types of cryptocurrencies. This means that you can do it too. And if you have any, then you can make payments using them, without any worries.
Nowadays, in Japan, it’s natural that people have cryptocurrency and even use it as its normal currency. Bitcoin is definitely the best gambling cryptocurrency because it’s accepted at most online casinos, so it’s normal that players will buy it and use it there.