Report: Japan Could Have More Than 3 Million Crypto Traders

April 10, 2018 2:44 pm Published by

Domestic cryptocurrency trading statistics as of March 31 released for the first time by Japan’s Financial Services Agency (FSA) reveal of the 17 cryptocurrency exchanges currently in Japan, the country has at least 3.5 million individuals trading with cryptocurrencies as actual assets, CoinDesk reported Tuesday.

Among the crypto investors, those investors in their 20s, 30s and 40s make up a major share, accounting for 28, 34, and 22 percent, respectively, of the total crypto trader population in Japan, the report said.

The data release marks the newest effort by the financial watchdog agency in bringing greater transparency to the industry following a recent hack of one of the domestic exchange Coincheck, the report said.

The FSA findings concerning the study and disclosure of the domestic trading statistics, CoinDesk reported, is a first step towards a more comprehensive examination over institutional issues in the cryptocurrency trading space in Japan.

In comparison, the FSA disclosed in the latest report the number of traders investing in cryptocurrency margins and futures is about 142,842 as of the end of March.

Indeed, the report said, the report shows a major contrast in the growth of yearly trading volume drawn to these two different types of investments.

According to the FSA’s data, for example, yearly trading volume of the actual bitcoin cryptocurrency has grown from $22 million as of March 31 in 2014 to $97 billion in 2017, CoinDesk reported.

Yet at the same time, trading on margins, credit and futures of bitcoin as an underlying asset has surged from only $2 million in 2014 to a whopping $543 billion just in 2017 alone, the agency said., Jack Durschlag

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