Japanese consumers were revealed to have filed over three times the number of queries on cryptocurrency trading and initial coin offerings (ICO) in 2017 compared to the previous year, based on data from Japan’s Consumer Affairs Agency (CAA).
The data was revealed at the second cryptocurrency exchange study group meeting, which was hosted by Japan’s Financial Services Agency (FSA) last week, on April 27. The meeting provided a glimpse into the country’s growing interest, as well as concerns, on the cryptocurrency space.
Based on data collected by the CAA, The FSA revealed there were a total of 2,769 domestic enquiries filed in 2017 by general consumers on topics related to cryptocurrencies. Likewise, data for the same matter in the previous three years was 847 in 2016, 440 in 2015 and 186 in 2014. The total for the previous three years amounts to only half of 2017’s total alone.
Most of the enquiries were focused on concerns with the security measures implemented by trading platforms as well as the legitimacy of some ICO projects.
A typical example of an enquiry the CAA receives comes from parents wondering whether their young-adult children should start trading with cryptocurrency even though legally they wouldn’t need permission to do so.
Furthermore, the number of queries registered last year indicates concerns are spread evenly across different age groups.
Consumers in the 40-50 year old range dominated the pool with 501 and 488 cases respectively while those in their 20s, 60s and over 70s were close behind with 382, 410 and 310 cases, respectively.
Japan had at least 3.5 million cryptocurrency investors as of 2017 based on data collected by its 17 exchange platforms.