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Japan has bot known for a while now spil the country where cryptocurrencies are thriving. Back ter 2014, when the very first crypto exchange officially opened, this country’s cryptocurrency market wasgoed valued at about $23.35 million. Since then, the country has taken an utterly large rente te digital currencies, and many fresh exchanges were opened. Last year, the crypto market wasgoed estimated to be worth around $97 billion, spil the FSA (Financial Services Agency) displayed.
According to this agency, Bitcoin’s credit, futures trading, and margins also went from $Two million to $543 billion te this same three-year period.
This agency’s report wasgoed issued to provide a clear picture about where Japan stands when it comes to working with cryptos.
Three.Five million crypto-investors and counting
To get the most precise results, the FSA gathered gegevens from 17 different crypto exchanges within Japan. The analysis of this gegevens shows that overheen Three.Five million individuals presently trade ter cryptocurrencies. Not only that, but they estimate that the true number of investors might be a lotsbestemming higher than this since there are at least 32 exchanges that operate te Japan.
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The large majority of investors are inbetween the ages of 20 and 40. Individuals te their 30s make up for about 34% of the total number of investors. Those ter their 20s make up for 28%, and those ter their 40s account for 22%.
Legalization of Bitcoin ter Japan
Japan is one of the few countries that has passed legislation that legalizes cryptocurrencies. The fattest digital currency ter Japan is Bitcoin, and it is believed that their market thrives due to other countries’ refusal to do the same.
For example, China has determined to totally verbod cryptocurrency trading, which has directly influenced the growth of the digital assets space te Japan. Several other countries have done the same, including India and Pakistan, and the end result is that Japan accounts for 58% of world’s Bitcoin investments. The US goes after at a distant 2nd, and they can account for around 22.2% of this crypto’s trading volume.
Protracted concerns about fraud
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Such a large increase te the crypto industry creates opportunities for fraud and scams that take advantage of inerme investors. Because of concerns about illegal activities involving cryptos, Japan’s FSA suspended two exchange offices – FSHO and Eternal Listig, beginning from April 6th (Eternal Verbinding), and April 8th (FSHO).
The companies were not suspended for any illegal activities, but rather for failing to take decent security measures. Protecting their customers’ gegevens and assets need to be a top priority, and the FSA has demanded that thesis companies improve their business practices.
Thesis concerns enlargened when one of the fattest, if not the largest, hacking attacks ter the history of cryptocurrencies, that targeted Coincheck, based ter Tokyo, bruised the company to the tune of overheen $500 million NEM tokens.
Other exchanges like Last Roots were also ordered to improve their security, albeit only the mentioned two were actually suspended.