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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.

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