Japan Leads The Crypto Trends With 3.5 Million Active Traders

A new report from Japan’s Financial Services Authority showed a huge interest in cryptocurrencies. According to it, Japan has more than 3.5 million active crypto traders residing in the country.

The full survey covered 17 Japanese cryptocurrency exchanges – showing that the most traded cryptocurrencies in the country include the names of Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin.

When it comes to demographics, most of the Japanese traders are aged from 20 to 40 years old. Only a third (34%) are in their 30s. The annual trading, on the other hand, has risen from $22 million in 2014 to a massive $97 billion in 2017 – with the Bitcoin asset trading even higher, increasing from $2 million (2014) to $543 billion in 2017.

Japan’s trading industry is certainly booming. As a result, the country is taking a hands-on approach to ICO regulation. While China and South Korea chose to ban ICOs completely, Japan’s government has collected a team of researchers to work on regulatory guidelines that will grant approval to ICOs whose application is successful.

Currently, the guidelines include identification of potential money laundering activities which are among the main concerns for many government authorities and ICOs. Aside from that, the guidelines will also cover cybersecurity measures in order to prevent fraud as well as insider trading.

The good thing in all of this for traders is that the potential legalization of ICOs in Japan could be the bridge to other regulation by the surrounding (and other active) countries to follow. In an era where cryptocurrencies dominate the markets, there is definitely need for some kind of regulation – and Japan’s efforts may be the answer to legally incorporating ICO  fundraising in the blockchain, fintech and traditional finance markets.

In the end, this makes Japan the world’s largest Bitcoin trading market – which is why its government must meet the issue head-on and explore new ways to sustain this growth.