News

Japan’s crypto community could soon reach 3 million

News

For the first time, Japan’s Financial Services Agency (FSA) has released its national cryptocurrency trading statistics.

According to the information gathered from 17 cryptocurrency exchange services in Japan, as of March 31 this year, the nation has at least 3.5 million people that are trading with digital currencies as real assets.

Among them, cryptocurrency investors in their 20s, 30s, and 40s make up a significant share, estimating for 28, 34, and 22 percent, respectively, of the total population of cryptocurrency traders in Japan.

The data release which was announced at the first meeting of a cryptocurrency exchange study group established by the Financial Services Agency in early March marks the latest venture by the financial body in delivering greater transparency to the cryptocurrency industry after a recent hack of one of the country’s exchange Coincheck.

The study and revealing of the national trading statistics, according to the Financial Services Agency, is the first step towards a more comprehensive examination of institutional problems in the cryptocurrency trading industry in Japan.

In comparison, the financial watchdog also disclosed in the latest report that as of the end of March the number of traders investing in cryptocurrency margins and futures is around 142,842.

What’s reasonably notable is the significant variation in the growth of annual trading volume attracted to these two distinct types of investments.

As revealed by the Financial Services Agency’s data, for instance, the annual trading volume of the original BTC cryptocurrency has risen from $22 million as of March 31 in 2014 to a whopping $97 billion in 2017.

On top of that, the financial agency said that trading on margins, credit, futures and other BTC derivatives has towered from barely $2 million in 2014 to a whopping $543 billion just in 2017 alone.

Jacob Lucas

Jacob Lucas

Jacob has been active in the cryptocurrency markets since 2010, specializing in Bitcoin. He received education as Certified public accountant, specializing in taxes and cost management. Looking for alternative sources of income due to some personal struggles Jacob discovered Bitcoin 2010, showing some commitment and first to learn and get all the basics. Jacob made his fists investment in bitcoin in 2011 and has been successful in the field. Writing in the field is part of Jacob’s commitment to share knowledge with others.

YOU MAY ALSO LIKE