Isn't Japan the first ones openly regulate and accept bitcoin and other cryptocurrencies on their land? Japan has been doing their moves since the early part of 2017, and it was very recent that the Philippine Central Bank regulated bitcoin and other cryptocurrencies in the hopes of limiting fraud and money laundering in the country. Philippines may be one of the first, but certainly not the first. Also, there aren't any drafts regarding thorough regulation so the road may still be bumpy once the administration reviewed this new fad. Nonetheless, small steps are better than taking no steps at all.