FSA is following the Japan’s digital currency regulatory policy. FSA made a report about how many cryptocurrency traders are in Japan and other types of demographic data.

3.5 Million Japanese Cryptocurrency Traders

FSA made a research in the late time and collected a feedback from at least seventeen currency exchanges after investigating these exchanges for complete KYC/AML. According to the report that FSA made, there are more than 3.5 million Japanese people that are trading cryptocurrencies. The most popular cryptocurrencies traded are, for example, Bitcoin and Ethereum.

Bitcoin and cryptocurrencies have become extremely popular in Japan. At the time of publication, the Japanese yen accounts for more than 60% of Bitcoin global trade volumes.

The data collected by FSA is a multitude of research beginning from the last years until March 31,2018. This examination shows that the majority of traders have the age between 20s and 30s. In 2017, the crypto market added $543Bn, while the traditional trading added $97Bn.

While the Yen Dominates Cryptocurrency Trade Volumes Regulators Make Sure Guidelines Are Being Followed

Japan has gained a competitive border as far as adopting Bitcoin and allowing cryptocurrency exchanges to flourish. Over the past eight months, the Japanese yen has dominated Bitcoin trade volumes against other nation state-issued currencies capturing between 40-60 percent of global trades. At the time of writing, the yen accounts for 60-65 percent of global Bitcoin trades over the past 24 hours. The FSA report details that over the past two years a “remarkable amount of funds has flowed into virtual currency transactions.”

Japanese regulators also reveal a few things they were looking for while investigating the cryptocurrency exchanges over the past few weeks. This implies checking security measures, an established security team, digital signatures used by multiple administrators.

“In addition to the above, some companies will conduct email reporting on transaction reports periodically (at the end of every month, every three months, etc.),” explains the FSA’s report. The news follows the Japanese government’s plans to revise the registration rules for domestic cryptocurrency exchanges.