Copy link
Increase text size
Decrease text size
Link copied

Cryptocurrency-related consultations drop 14% in Japan: FSA

Image Credit: NIkkei Asian Review

Wed, 04 Sep 2019, 03:50 am UTC

Japan’s Financial Services Agency (FSA) has revealed a sharp decline in the enquiries related to cryptocurrencies, underscoring a trend that persisted over the past several quarters, according to the latest data figures from the Counseling Office for Financial Services Users.

As per the data, the Counseling Office handled only 494 cryptocurrency-related enquiries between April 1 and June 30, 2019, down 13.9% from the 574 enquiries in the quarter to end-March 2019. Notably, the office received 89 complaints about fraudulent investment offers.

The report, entitled “Status of enquiries and other communication received by the counseling office for financial services users,” also revealed that consultations on investment products increased from 1999 to 2164 in the second quarter of the year. Most of the enquiries are related to listed shares at 406 (18%). Enquires related to FX and investment trusts came in second and third at 232 (10%) and 152 (7%), respectively.

The sharp visible dip in the trend reveals the waning interest of investors on crypto-assets, although it may also be attributed to the strict policies and crackdown of Japanese authorities on the digital currency market.

Last July, the Japan Virtual Currency Exchange Association, the country’s self-regulatory crypto exchange body, wrote to the FSA and made certain demands on how taxes on cryptocurrency and crypto traders should be done. Specifically, it wants changes that coincide with the fact that crypto coins are now deemed as bona fide financial assets.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $10,763.90 (-1.39%)
  • Ethereum (ETH) $358.08 (-1.58%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $227.45 (-1.79%)
  • Binance Coin (BNB) $28.26 (+4.94%)
  • Bitcoin (BTC) $10,763.90 (-1.39%)
Feb 21, 2020 (Friday)
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
Brazil to launch new payment system in response to cryptocurrencies
Digital currency exchange Coinbase Pro lists Kyber Network token
Norwegian Air to soon start accepting crypto payments
Swedish central bank begins CBDC pilot with Accenture
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
Telecom companies complete cross-carrier mobile payments using blockchain
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
South Korean ICO project discontinued, to return $7.5M to token holders
Samsung maintains crypto support in soon-to-launch Galaxy S20
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
Coinbase becomes first crypto company to receive Visa principal membership
Dubai Economy and six banks launch KYC Blockchain Consortium
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.