Japan Can Have More Than 3M Crypto Traders, FSA Says

As of the end of March, 142 000 people in the country are investing in crypto-margin positions and futures
10 April 2018   459

The Financial Services Agency of Japan (FSA) for the first time published official statistics on cryptocurrency trading. Judging by the data collected on 17 trading floors, as of March 31, at least 3.5 million people in the country are engaged in digital assets trading. This is reported by Coindesk.

Among them, traders under 30 years old make up 28%, up to 40 years 34%, and up to 50 years - 22%, respectively. It is noted that the publication of this data was the next step of the FSA on the way to increasing the transparency of the local crypto exchange industry after the of more than half a billion dollars stolen from the Coincheck exchange.

In addition, according to the regulator, as of the end of March, 142 thousand people in the country are investing in crypto-margin positions and futures.

It is noteworthy that the annual trading volume directly by bitcoin increased from $ 22 000 000on March 31, 2014 to $ 97 000 000 000 in 2017. At the same time, trading in margin, credit and futures positions on bitcoin increased from $ 2 000 000 in 2014 to $ 543 000 000 000 only in 2017.

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   70

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.