Japans Watchdog - Queries About Cryptocurrency Are Declining

According to several reports coming from Japan, it is believed that the number of inquiries which has been made to Japanese watchdogs FSA has significantly declined over the third and fourth quarter of this year.

The Financial service Agency in Japan is believed to be the agency that is solely in charge of regulating and managing the various cryptocurrencies in Japan and all the issues and inquiries which may come out of it. The FSA has therefore released reports which have shown that there has been a sharp decline in the number of inquiries which has been made by various persons who are interested in investing in cryptocurrency. It is believed that in the previous quarter of the year, the FSA recorded a total number of 1231 inquiries which has been made. This is a decline from over 1600 inquiries which has been made earlier this year.

The FSA also took their time to break down the percentage of the question and what was asked. It is believed that about 42% of all questions that were asked were directed to the general question. About 32% of all inquiries that were made were directed toward personal transactions and other details which have made between investors into the cryptocurrency world. The last sets of inquiries were not accounted in the reports which were released by the FSA.

IT IS BELIEVED THAT THIS HACK HAS COST INDIVIDUALS AND FIRMS INVESTED IN CRYPTOCURRENCY OVER $500 MILLION

The recent data which has been published has no doubt shown the recent decline in cryptocurrency in the country. This report is really a contrast to the earlier reports in the year where the first quarter of 2018 recorded over 3000 inquiries into the use of cryptocurrency. However, it is believed and has been suggested that one of the major reasons for the decline of interest in cryptocurrency is the recent hacks which had taken place in Japan in recent times. It is believed this hack has cost individuals and other cryptocurrencies over $500 million. These two hacks also involved two of the most popular cryptocurrencies in Zaif and Coincheck.

It is believed that due to the recent events, the FSA plans to tighten its rules on the policies which govern the digital currencies in Japan. it remains to be seen the effect this would have on the sector.

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