Kraken Closing in Japan, IMF Managing Director Praises Crypto and Market Maintains Recent Gains
Cryptocurrency exchange Kraken has announced that it will cease operations in Japan, according to a statement today.
The decision came down to rising costs of business in Japan combined with the increased expenses of Kraken's expansion in the last few months. The statement claims that Kraken is open to reopening in Japan once the company consolidates.
"The decision involved careful consideration of revenue against the costs and resources required to maintain service. Resources are an especially important consideration for us at this time due to our exponential growth in recent months. Suspending services for Japan residents will allow us to better focus on our resources to improve in other geographical areas. After we have had a chance to better catch up to our rapid growth, we will consider the possibility of resuming service for Japan residents."
Christine Lagarde, the Managing Director of the International Monetary Fund (IMF), accentuated the positives of cryptocurrencies in a recent blog post. Lagarde encouraged lawmakers to allow for the "creative destruction" in this early phase of the technology and predicted the possibility of a positive future for crypto.
"Just as a few technologies that emerged from the dot-com era have transformed our lives, the crypto-assets that survive could have a significant impact on how we save, invest and pay our bills. That is why policymakers should keep an open mind and work toward an even-handed regulatory framework that minimizes risks while allowing the creative process to bear fruit."
The cryptocurrency market has remained strong in the last 24 hours, gaining another $10 billion USD for a total market cap of about $330 billion USD. Bitcoin (BTC) itself is still trading at around $8100 USD and at press time accounts for 41 percent dominance of the market. All of the top 10 cryptocurrencies are in the green for the past 24 hours
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