Japan Sees 70 percent surge in crypto inquiries
The cryptocurrency market is gradually expanding in Japan, and this is quite evident from the sudden surge in crypto market inquiries.
What do we know till now about Japanese consumers increased interest in Cryptocurrency?
1) Japan’s Consumer Affairs Agency (CAA) has reported a significant increase in inquiries towards cryptocurrencies in 2019.
2) The same report states that there was a surge of 70 percent in consumer queries on cryptocurrencies, in 2018.
3) The increased interest in Japan has stemmed from the legalization of BTC as a method of payment, by Japan’s Financial Services Agency (FSA).
4) The consumers in Japan are not merely involved in querying about cryptocurrencies but they have registered 3,657 complaints on crypto exchanges. This actually shows how deeply the consumers in Japan are associated with cryptocurrency trading.
5) While the Japanese cryptocurrency market is booming, many consumers also queried about the credibility of the cryptocurrency market. This definitely proves that it is not a matured or a fully developed market yet, in spite of this increased interest.
6) Another startling fact has been disclosed Cermak, which has mentioned that Japan has got the second highest traffic after the US, on the crypto trading platforms. It accounts for around 10 percent of the overall traffic.
7) The new Japanese bill on the cryptocurrency allows the transfer of crypto assets, and also links the trading of cryptocurrencies with income tax.
8) The Japanese currency has Yen been increasingly used for trading of cryptocurrencies by Japanese consumers. This has also strengthened the position of Yen.