In 2017 cryptocurrency market in Japan has grown to $97 billion, mostly due to the popularity among the young.
According to the report released by Financial Services Agency (FSA), the size of Japanese crypto market has risen from $23.35 million in 2014 to amazing $97 billion in 2017. The market regulator also detected a steady increase in Bitcoin’s credit, margins, and futures trading, which now amounts to $543 billion. The aim of the report was to give a credible estimation of the cryptocurrency craze which spread in Japan after the last year’s explosive growth of the digital assets. Another goal of the publication is to increase the financial transparency of the crypto space.
Data collected from 17 crypto exchanges indicates that Japan has approximately 3.5 million people involved in the activity with digital assets. In reality, however, this number could be much higher as there are more than 30 functional crypto exchanges in Japan.
According to the collected data, typical Japanese crypto investors are older than 30. They account for about 34% of all investors, while people in their 20’s represent about 28% of all people involved in crypto.
In contrast with China, Japan introduced friendly crypto-related legal framework and accepted the Bitcoin as a legitimate financial instrument. This is one of the reasons Japan is responsible for 58% of global investments in Bitcoin. The second place is occupied by the USA with quite modest 22.2%.
Another objective of FSA is to minimize the risks for the crypto investors, so it shuts down the exchanges which failed to comply with the standards, the latest examples being Eternal Link and FSHO, which were forced to halt their operations for two months.