Japanese Regulator Sees Boost In Cryptocurrency Queries

Japanese consumers filed over three times the number of enquiries about cryptocurrency trading and initial coin offerings in 2017 as compared to the previous year, according to data released by Japan’s Consumer Affairs Agency (CAA).

The numbers were disclosed at the second cryptocurrency exchange study group meeting hosted by Japan’s Financial Services Agency (FSA) on April 27, providing a glimpse into the country’s spiking interest in, and also concerns about, the cryptocurrency space.

Citing data compiled by the CAA, the FSA said a total of 2,769 domestic enquires were filed in 2017 by general consumers on topics related to cryptocurrencies in general. In comparison, data for the same in the previous three years was 847 in 2016, 440 in 2015 and 186 in 2014. Notably, the total for the earlier three years comes to around half of 2017’s total alone.

The FSA further said a majority of the enquiries focused on concerns with trading platforms’ security measures, as well as the legitimacy of certain ICO projects.

As an example, a typical kind of enquiry in the CAA data comes from parents raising concerns over whether their 19-year old son should start cryptocurrency trading even though legally he wouldn’t need their permission to do so.

In addition, the number of enquiries received last year reflects concerns are spread more or less evenly across different age groups.

While consumers in their 40s and 50s dominated the pool with 510 and 488 cases, respectively, those in their 60s, 20s and over-70s were close behind with 410, 382, and 310 cases, respectively.

The latest data comes after the FSA for the first time released statistics on Japanese crypto trading after a meeting with 17 domestic cryptocurrency exchanges earlier this month.

As reported by CoinDesk at the time, Japan has at least 3.5 million cryptocurrency investors, based on data gathered by the 17 exchange platforms, with those in their 20s, 30s and 40s making up the major share of the total population.

Japanese yen and charts image via Shutterstock