FSA Study: Japan Has 3.5 Million Cryptocurrency Traders
The financial services agency based in Japan has been carrying out an investigation of the various crypto trading platforms. This is in the move to ensure that they follow the required Japan digital currency regulatory policy. Therefore, according to a recent study, they were involved in the collection of data and writing a report about the number of cryptocurrency organizations which are in Japan. This also included various demographic data.
3.5 Million Japan Crypto Traders
The FSA has just gained data from the collection exercise in regard to getting around 17 domestic virtual currency exchanges. This was after the investigation for the businesses for the possibility of the AML/KYC transgressions. Therefore, according to the collected data from the various exchanges which were targeted, a total of 3.5 million traders are involved in using the platforms. The most popularly traded cryptocurrencies in the country are ETH, BTC, LTC, BCH, and XRP.
According to the data collected by the FSA, this was an accumulation of the research which was compiled from some years back up until 2018 March 31. In relation to the study, it has depicted that the traders are majorly in their 20s and 30s. On the other hand, the traders above 40 are concerned with the markets which primarily offer the margin trading features. Margin trading and also lending totaled to around $543 billion, and also the trades had around $97 billion. This is according to 2017 data.
Despite Cryptocurrency domination By Yen, Regulations Must Be Followed
Japan has an appetitive edge when it comes to cryptocurrency trading and has adopted Bitcoin which allows the exchanges to be successful. In the last 8 months, the Japan Yen has been dominating the BTC trade more than the other currencies which are issued by the state. This currency is used by close to 50 % of the traders. During the time of writing this article, 60.65% were the accounts using the yen in a period of 24 hours.
Therefore, the Japan-based regulators also revealed that they came up with other details which they were involved in the investigation. For instance, they checked the security measures, checked manuals in regard to risks and regulatory guidelines, the security teams and also the kind of technology used.
The FSA report says;
“In addition to the above, some companies will conduct email reporting on transaction reports periodically (at the end of every month, every three months, etc.),”