Japan-based ecommerce company Mercari has revealed its plans to accept Bitcoin payments for its flea market app-listed products starting with June 2024. Cointelegraph reports that this new feature will be facilitated through Melcoin, which is Mercari's Tokyo-based cryptocurrency exchange subsidiary.

Users will be able to view prices in JPY, with the option to make payments in Bitcoin. However, vendors and sellers will receive the payment in the local fiat currency, as the platform will convert BTC to fiat in real-time through its exchange partner. Mercari is a consumer-to-consumer ecommerce marketplace in Japan, and it was launched in 2013.

It eventually became the country's largest community-based ecommerce platform, attaining a 94% usage rate according to Cointelegraph. With the introduction of Bitcoin payments, the company aims to encourage further adoption of BTC in Japan, which is known for its tech-savvy population. Mercari has been progressively incorporating cryptocurrency into its platform.

Recently, the company introduced the Mercari Bitcoin crypto trading service, allowing users to buy and sell BTC using proceeds from platform sales. Additionally, Mercari's loyalty program is crypto-centric, allowing users to exchange points for cryptocurrency. Another prominent ecommerce platform in Japan that adopted cryptocurrency for an extended period was Rakuten.

According to Cointelegraph, the company implemented a system that allows users to convert loyalty points to crypto. Crypto regulation in Japan Japan is recognised as a crypto-friendly nation, with well-established regulations that facilitate businesses in offering services to customers. This regulatory environment has positioned ecommerce platforms as important drivers for cryptocurrency adoption.

However, it's worth noting that the government of Japan has decided to implement stricter rules for cryptocurrency transactions in May 2023 in an effort to comply with global regulations. The decision was made following a close review of relevant laws from December 2022, when the Financial Action Task Force (FATF) found existing measures to be insufficient. The most important regulatory change revolves around the addition of the FATF Travel Rule, which requires financial institutions to provide detailed information about their customers’ transactions, including all their registration data such as names and addresses.

The move came in the context of Japan’s ongoing efforts to fight money laundering in the crypto sector. Imposing stricter rules also aims to support greater transparency in cryptocurrency transactions on a global scale, offering greater confidence to both investors and users. .