Japanese Consumer Agency Reports 70% Spike in Crypto Queries

The Consumer Affairs Agency saw a 70 percent in crypto-related queries last year

Japan’s consumer protection agency released its annual report this Tuesday.

The Consumer Affairs Agency (CAA) reported a notable increase in the number of queries it received regarding cryptocurrency exchanges.

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According to the report, the CAA received 3,657 inquiries regarding cryptocurrencies over the course of its most recent fiscal year.

That was an approximately 70 percent increase on the prior year when the consumer protection agency reported that it had received 2,166 queries regarding virtual assets.

That number was itself 3.5 times larger than the prior year.

In many instances, people complained to the CCA that they had been tricked or mistreated by a cryptocurrency company.

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Separating the good and the bad

Customers complained, for example, that they had paid for a particular cryptocurrency but then never received it. Others said that their exchange accounts had been breached and money is taken from them.

Some people also just wanted to get more information on digital assets. For example, a number of people asked the CCA how they should go about establishing the credibility of a cryptocurrency exchange or any other company dealing in digital assets.

The CCA’s report is very much in line with other reports issued by consumer protection bodies and financial regulators from around the globe.

Last month, the French Financial Markets Authority said in its annual report that cryptocurrency scams had effectively replaced others involving binary options and currency trading.

The financial watchdog pointed out that in 2016, it received only 18 complaints related to cryptocurrency. In 2018 that number had risen to 2,600.

 

 

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