Japan is the largest cryptocurrency market with at least 3.5 million crypto traders.
Cryptocurrency-related inquiries filed by consumers shot up three times in Japan in 2017 as compared to data from the previous year, according to a report by the country’s Consumer Affairs Agency (CAA).
The agency released the data on April 27 at the second meeting of the cryptocurrency Exchange study group hosted by Japan’s financial sector watchdog Financial Services Agency (FSA). The agenda for the meeting was to provide a glimpse of the country’s rising interest in cryptocurrency along with concerns related to it.
The data shows that most of the inquiries were regarding cryptocurrency trading and initial public offerings (ICO). The compilation of the data, which was acquired over a number of years, disclosed that a total of 2,769 domestic cryptocurrency-related inquiries were filed in 2017 alone compared to 847 of the same in 2016, 440 in 2015, and 186 in 2014. This clearly shows the Japanese society’s enthusiasm in the nascent sector.
Moreover, according to the agency, most of the inquiries were related to security issues of trading platforms and the legitimacy of various ICOs. This makes sense considering the increasing number of hacks on cryptocurrency exchanges and various scams pulled off using fake ICOs all around the world.
Leading market
Japan became the largest cryptocurrency market in the world following the Chinese government's crackdown on the booming sector. According to various reports, the country currently hosts at least 3.5 million crypto traders.
The CAA’s data also pointed out interests and concerns about the crypto space among different age groups of Japanese citizens. The agency registered most of the inquiries from middle-aged consumers. Consumers in their 40s inquired 510 times followed by 488 cases from consumers in their 50s. The rest of the age groups were also not far behind as people in their 20s, 60s, and over-70s inquired 382, 410, and 310 times respectively.
A similar trend in Google
A quick look at Google trends shows that the Japanese people’s interest in the cryptomarket spiked in late 2017, which coincides with the boom in the market. However, there was a significant decrease in crypto-related searches in 2018.
Cryptocurrency-related inquiries filed by consumers shot up three times in Japan in 2017 as compared to data from the previous year, according to a report by the country’s Consumer Affairs Agency (CAA).
The agency released the data on April 27 at the second meeting of the cryptocurrency Exchange study group hosted by Japan’s financial sector watchdog Financial Services Agency (FSA). The agenda for the meeting was to provide a glimpse of the country’s rising interest in cryptocurrency along with concerns related to it.
The data shows that most of the inquiries were regarding cryptocurrency trading and initial public offerings (ICO). The compilation of the data, which was acquired over a number of years, disclosed that a total of 2,769 domestic cryptocurrency-related inquiries were filed in 2017 alone compared to 847 of the same in 2016, 440 in 2015, and 186 in 2014. This clearly shows the Japanese society’s enthusiasm in the nascent sector.
Moreover, according to the agency, most of the inquiries were related to security issues of trading platforms and the legitimacy of various ICOs. This makes sense considering the increasing number of hacks on cryptocurrency exchanges and various scams pulled off using fake ICOs all around the world.
Leading market
Japan became the largest cryptocurrency market in the world following the Chinese government's crackdown on the booming sector. According to various reports, the country currently hosts at least 3.5 million crypto traders.
The CAA’s data also pointed out interests and concerns about the crypto space among different age groups of Japanese citizens. The agency registered most of the inquiries from middle-aged consumers. Consumers in their 40s inquired 510 times followed by 488 cases from consumers in their 50s. The rest of the age groups were also not far behind as people in their 20s, 60s, and over-70s inquired 382, 410, and 310 times respectively.
A similar trend in Google
A quick look at Google trends shows that the Japanese people’s interest in the cryptomarket spiked in late 2017, which coincides with the boom in the market. However, there was a significant decrease in crypto-related searches in 2018.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Strike's Expansion into Europe Accelerates Bitcoin Adoption
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Looking to expand your network in #Africa?
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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