Biggest in the World: 3.5 Million Active Crypto Traders in Japan

Apr 18, 2018 at 17:19

According to data released by Japan’s Financial Services Authority (FSA), there are 3.5 million people actively trading cryptocurrencies in the country to date.

The country is now deemed to be the world’s largest Bitcoin trading market with its government acting to face several industry issues by trying to sustain growth through a more controlled environment.

The survey led by the FSA which involved 17 Japanese cryptocurrency exchanges, revealed that the most traded cryptocurrencies in Japan are BTC, ETH, XRP, BCH, and LTC.

Likewise, the study also showed that crypto traders are aged from 20 to 40 years old, with the majority or 34 percent of the group in their 30s.

The FSA also found out that annual trading in Bitcoin has risen from $22 million in 2014 to $97 billion in 2017, while the trading of Bitcoin as an underlying asset like futures surged from $2 million in 2014 to $543 billion last year.

Earlier this month, Japan announced that a government-backed research group is already working on regulatory guidelines that will grant regulatory approval to initial coin offerings with approved applications.

Among the guidelines that are expected to be created include identification of investors to prevent money laundering and increased cybersecurity measures.

The announcement to enforce more rules in Japan’s cryptocurrency industry followed the largest ever heist to date when locally based exchange, Coincheck was hacked with $550 million worth of NEM tokens stolen.