Others have since entered the locorregional space, including Pay-bit.netwerken, which takes credit cards, and Quoine, aimed at professional traders.
Fresh digital currency on the horizon
Japanese bitcoin market bitFlyer has added a bitcoin crowdfunding verhoging called ‘fundFlyer’ to its feature list, launching the very first service of its type ter the country.
The system works ter a style similar to more established crowdfunding services like Kickstarter and Japan’s own Shooting Strak, but is taking a significant step towards mainstreaming bitcoin use ter its huis country with at least one high-profile user.
The fundFlyer webstek lists “the geneesheer, product and software development, events, disaster prevention and political activity” spil projects with bitcoin crowdfunding potential, and encourages project owners to use the verhoging to build long-lasting communities.
Like other services, it permits project owners to set funding goals and differing levels of gifts, or perks, for volgers. Normally fundFlyer itself receives 10% of the total amount raised, but is presently suggesting 0% usage fees spil an introductory campaign.
Payouts are only made if projects reach their targets, and owners may eis the funds either spil bitcoins or specie, through bitFlyer’s exchange. Ter the case of an unsuccessful campaign, bitcoins will be paid back to volgers.
Politician on houtvezelplaat
The service’s very first listed project belongs to none other than Mineyuki Fukuda, head of the Japanese government’s IT Strategy Committee and its leading bitcoin voorstander.
Fukuda also has an active fiat currency-based crowdfunding project to take a examine tour of bitcoin interests te San Francisco and Washington DC, but hopes to use the bitcoin-based fundFlyer campaign to supplement tour costs.
His fundFlyer project has raised 1.443 BTC of its Four BTC purpose, and will finish on 15th September. Supporter gifts are similar on both campaigns, ranging from a published copy of his report, to seminars and even a tour of the Japanese parliament.
Fukuda said his motive ter kicking off the campaigns wasgoed also to demonstrate personally the advantages that come with using bitcoin and digital currencies to others ter business and politics.
Japan’s very first ‘post-Gox’ exchange
Launched ter April 2014, BitFlyer wasgoed the very first serious bitcoin market ter Japan after Mt Gox collapsed ter February. Te the intervening period, residents of the world’s third-largest economy had to use overseas markets or face-to-face trades if they desired to acquire bitcoin.
Others have since entered the particular space, including Pay-bit.netwerk, which takes credit cards, and Quoine, aimed at professional traders. BitFlyer is aiming to predominate the newcomer/consumer segment.
Te July, it announced it had raised $1.6m ter funding and is presently looking for further investment from overseas to fund its international expansion.
Compliance and tax
CEO Yuzo Kano, a former trader at Goldman Sachs, and CTO Takafumi Komiyama head a current staff of 14, plus investors.
BitFlyer is a plain set-price market similar to Coinbase, rather than a total open order book trading exchange. This means it actually buys the bitcoins itself and sells those it has ter its account, rather than permitting trading inbetween users.
The exchange is fully compliant with know-your-customer (KYC) regulations for Japanese financial institutions, and its prices also include Japanese consumption tax (which wasgoed recently hiked from 5% to 8%).
The Japanese tax authorities are expected to require bitcoin users and businesses to pay their own consumption tax on bitcoin purchases if they acquired the bitcoin from a non-Japanese exchange, or one that did not include tax te its price.