Japanese watchdog reports a significant decline in crypto queries

Japan is one of the most technologically developed countries in the world. Not surprisingly, the country has had great developments in blockchain technology and the crypto sector.

Japanese Financial Services Agency (FSA) noted the decline in the number of crypto-related questions in the last quarter of 2018.

Compared to the third quarter the fourth quarter had thirty-six percent (36%) fewer queries. The agency received around 1230 questions in the third sector while the agency received less than 800 questions in the last quarter.

Moreover, the queries had a decline of more than 75% compared to the first quarter in which the authority received more than 3,500 crypto-related queries.

These numbers are not surprising as such things are expected in a bear market. On the other hand, the queries about the financial system remain approximately the same as the third quarter saw 9460 queries while the fourth quarter had nearly 9430 queries.

The queries consisted of a wide spectrum of queries with the most being general queries making about twenty-nine percent (29%) of total queries followed by questions about individual transactions with around twenty-eight percent 28%.

Queries about fraudulent activities consisted of about twenty-eight percent (28%) of total inquiries while questions related organizations made up less than ten percent (10%) of total questions.

Majority of people asked about which crypto industry to trust. In response, the agency tells them 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 background check on the firm and to understand that certain risks are involved in investing in cryptocurrencies.

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