Japan hits 3.5 million active crypto traders
The Financial services authority of Japan recently released a report, according to which, the number of active cryptocurrency traders in Japan is well over 3.5 million.
Japan is one of the most active countries when it comes to cryptocurrency trading. The proof of this is a report from a survey conducted, which was taken from 17 cryptocurrency exchanges across Japan. Out of all the crypto tokens traded, the maximum volume traded is BTC. Next on the list are ETH, XRP, BCH and LTC respectively.
Surprisingly, most of the crypto traders are aged between 20 to 40, with 34% of them being in their 30s. This just goes to show that cryptocurrency is more popular among the younger generation.
The trading volume of Bitcoin has risen from $22 million in 2014 to a whopping $97 billion in 2017. The most shocking development of them all is that the trading of Bitcoin as an underlying asset has increased from $2 million to $543 billion during the same period of time!
The exceptional growth of the crypto market in Japan is probably the reason why ICOs are being strictly monitored within the country. Though countries such as China and South Korea have completely banned ICOs, Japan feels confident enough to moderate them and prevent any fake ICOs from cheating crypto investors.
For this, a government-backed research group is working on regulatory guidelines that will grant regulatory approval to ICOs whose application is successful. The rules and regulations are aimed at preventing money laundering, fraudulent activities and enhances cyber security.
Despite the well-defined regulatory framework, the Japanese exchange, Coincheck, was the talk of the town after being hacked and stolen of $550 million worth of NEM tokens.
As of now, Japan’s is the world’s largest Bitcoin trading market. The Japanese government seems to be looking to utilize this growth and turn it into an asset benefitting the centre. They are meeting the issue head on by exploring a way of sustaining that growth in a more controlled environment.
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