With Japan’s Consumer Affairs Agency (CAA) recording a whopping 2,769 domestic inquiries filed in 2017 alone, Japan’s Financial Services Agency (FSA) indicated that a good number “of the inquiries focused on concerns with trading platforms’ security measures, as well as the legitimacy of certain ICO projects”.
Given the growing uncertainty over the fate of cryptocurrencies in the country, the FSA also noted that the data from the CAA is a reflection of “the country’s spiking interest” in cryptocurrencies. Compared to previous years, data from 2017 alone doubled that of 2016, 2015 and 2014 combined.
Japan Boasts Over 3 Million Crypto Traders
Earlier in the month of April, Japan’s FSA (as reported on CoinDesk) released a statistic that gathered data from Japan’s 17 top cryptocurrency exchanges, showing over 3 million active traders of cryptocurrencies in the country as of 31st March.
According to the FSA, the study’s objective was to comprehensively examine some of the institutional issues in Japan’s cryptocurrency trading space. Additionally, although a good number of these crypto investors came from individuals in their 20s, 30s, and 40s, the queries from the CAA indicated a large number of queries coming from consumers in their 40s and 50s, showing a growing concern by parents over the legality of cryptocurrency trading by their children.
In general, however, the concerns over cryptocurrency trading evenly spread across all age groups and, considering Japan’s friendly stance on Bitcoin, cryptocurrencies and blockchain technology, the huge interest in trading and investing in cryptocurrencies comes as no surprise.
Japan’s Support for Cryptocurrencies
The Japanese government is notably one of the few governments to recognize Bitcoin as legal tender, with Japan being referred to as Bitcoin’s powerhouse as the government has created a thriving environment for blockchain startups. As a result, Japan has become a huge player in the crypto space.
However, in an effort to protect investor’s funds, there have been calls by regulators in the country to tighten laws surrounding investment in the crypto space.
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What are your thoughts on the interest in cryptocurrency in Japan? Do you think the country’s traders have a big enough influence in the crypto space? Share your thoughts in the comments section.