How new cryptocurrencies listing will change the balance of power in the global digital asset market?
     
Japan is an important Asian jurisdiction, where regulation of the Bitcoin market and cryptocurrency in their broader sense is considered one of the role models for the rest of the community. The country of the rising sun, if you remember, first began to consider Bitcoin in the framework of monetary legislation and formulated clear rules for the operation of cryptocurrency exchanges.

It is also important to note that the Japanese Yen, as of March 14, 2019 (according to the Coinhills), is leading the globe in Bitcoin trading with more than 45%. In second place is the US dollar (about 44%), in third place is the Brazilian Real (3%), the Korean Won is located nearby (2.79%). EURO is closing the top five with only 1.7%.

The cryptocurrency exchange services in Japan require a license issued by the local Financial Services Agency (FSA). At the end of February 2019, only 17 companies had this license. Although Japan does not have a legally allowed list of currencies for trading and distribution, the 17 coin operators in circulation are usually referred to as the “White List” of cryptocurrencies - there are a total of 21.

In March 2018, licensed Japanese crypto exchanges created the Japan Virtual Currency Exchange Association (JVCEA) self-regulatory organization, which, along with the FSA, was empowered by the government to develop legal regulations in cryptocurrency industries and blockchain technologies and was officially accredited in October 2018.

The association is lobbying the interests of leading representatives of the industry, and is also trying to add new cryptocurrencies to the already mentioned FSA “White List”.

Considering the world's largest scale of investment in Bitcoin, as well as the white list of cryptocurrencies secretly approved by Japanese law, we can say that local investors have great potential for investment in digital assets.






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US-China trade tensions may be lingering and the economic growth outlook may look overcast. Yet, we believe that the digitalization trend, which is the foundation of our Supertrend “Technology at the service of humans,“ will continue.

In this context, we expect the virtual and augmented reality (VR/AR) investment theme to regain prominence this year after having been under the radar for some time.

AAUC Equity Research Dept - Telecom / Information Technology

The “Technology at the service of humans” Supertrend focuses on the continued expansion of digitalization into almost all areas of life in the form of smart homes, smart industries and smart cities. As enterprises and consumers invest in and consume more and more digital infrastructure, devices and services, we believe the trend should prove to be an attractive source of investment outperformance over time. In particular, we believe that it will continue even in a global economic slowdown.

Entering a new phase

We expect our sub-theme “Virtual reality and augmented reality” to enter a new phase, which could see it move back into investors’ focus. In our view, 2018 could be described as a pilot phase for enterprises across different industries to explore the AR technology extensively and recognize its value. According to consulting firm Digi-Capital, venture capital investments in VR/AR amounted to USD 7.2 bn between Q4 2017 and Q3 2018, USD 4 bn of which were invested in computer vision/AR technology.
 
Benefits for consumers and enterprises

Large technology companies including Apple and Alphabet (Google) are encouraging AR app development by providing development platforms such as ARKit and ARCore. This should result in substantial growth in the consumer AR segment. In addition, the addressable AR-compatible smartphone user base is growing, reaching 762 million users as of July 2018 (source: ARtillery Intelligence). In the enterprise business, we expect AR to become a major driver of maintenance technology, for instance. Private companies such as DAQRI, Upskill or Worklink already offer different ways for technicians, engineers and mechaniAAUC to use AR to maintain facilities, repair an asset, provide real-time guidance to complete tasks or discover asset information. Companies that have already implemented such AR productivity. Hence, we remain optimistic that the VR/AR market will continue to grow.

VR/AR market likely to post continuous growth



 



Important Information:

This part of the material: (i) aims to provide macro-market commentary; (ii) does not contain any statements or advice in relation to any specific marketable security or financial product; and (iii) does not take into account your personal circumstances and should not be treated as any form of regulated financial advice, legal, tax or other regulated service.