Data from Japan’s Financial Services Authority shows that Japan has about 3.5 million active cryptocurrency traders. This number makes Japan the largest country in terms of cryptocurrency traders.
The Financial Services Authority carried out a survey of 17 crypto exchanges and found some interesting stats. The most-traded cryptocurrencies are Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. They also found that a majority of traders are between 20 and 40 years old. Bitcoin trading leads the pack with annual trading rising from $22 million in 2014 to $97 billion in 2017.
Known for adopting technology in its early stages, it’s no surprise cryptocurrencies are booming in Japan. This month Japan had earlier announced results from a study group it put together to research and provide guidelines on cryptocurrency regulation. Where other countries have outrightly banned ICOs, Japan seeks to identify companies, investors and more importantly protect its citizens and the economy from collapse.
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Japan’s announcement came after leading Japanese exchange Coincheck was hacked and $550 million of crypto was stolen. Coincheck said its staff simply couldn’t scale to handle security at that level. The company was eventually sold to Monex for $34 million.
It’s refreshing to see a government take a progressive and not prohibitive action towards cryptocurrency trading and ICOs. The ICO medium of investing has seen its fair share of successes but is mostly rife with fraudulent activity. By the end of 2017, startups had raised $5.6 billion through IPOs with messaging service Telegram raising $1.7 billion.
At the moment, Japan is the world’s largest Bitcoin market and we’re glad the government is progressive towards regulating the crypto industry. Japan’s decisions could encourage governments around the world.
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