BTC Wires

Japan Reports A Decline In Crypto-related Queries

Japan is known to be one of the most technologically developed countries in the world. With blockchain technology gaining more and more momentum day by day, it is not surprising that the country has made major progress and development in blockchain technology and the crypto sector.

As per reports, recently, the Japanese Financial Services Agency (FSA) has noted quite a decline in the number of crypto-related questions in the last quarter of 2018. If compared to the third quarter of 2018, the fourth quarter registered thirty-six percent (36%) fewer queries. Reports reveal that the agency had received around 1230 questions in the third sector while the number was less than 800 in the last quarter. On top of this, stats say that the queries have had a 75% decrement as compared to the first quarter. The agency has reportedly received more than 3,500 crypto-related queries.

These circumstances however are not surprising as the crypto market has been going through a prolonged bearish market. However, the queries related to the financial system remain approximately the same with the third quarter receiving 9460 queries and the fourth quarter registering 9430 queries.  These queries range across a wide spectrum of issues, the most common of them which are general in nature making about 29% while queries about individual transactions occupy around twenty-eight percent 28%.

Around 28% was occupied with queries about fraudulent activities inquiries while questions related organizations made up less than ten percent (10%) of total questions. Most people had asked about which crypto industry was the most trustworthy to which the agency has replied by asking the users and potential users to check whether the industry is registered with the authorities though it does not guarantee investor protection. The agency then urged the people to run a thorough background check on the firm and to fully comprehend the risks that are involved in investing in cryptocurrencies.