Industry Analysis

FSA: Cryptocurrency queries have considerably dropped

The Financial Services Agency (FSA) has released a report indicating that cryptocurrency queries in 2018 declined considerably. FSA is the financial regulator in Japan.

According to the report:

The number of consultations concerning virtual currency has decreased significantly compared to the previous term.

The report concentrated on the period between September 2018 and December 2018. In this period, the Japanese financial regulator said that it received a total of 788 cryptocurrency enquiries which, compared to the 1,231 cryptocurrency queries it received on the period between June and August 2018, depicts roughly a 35 percent drop.

Out of all the cryptocurrency queries received, 235 cases which convert to 29 percent, were related to general questions. Another 28 percent of the cryptocurrency queries concerned individual transactions. The report captured 69 other enquiries concerning the introduction of the Virtual Currency Exchange Industry Association and other industry associations.

Concerning scams, the Financial Services Agency recorded 227 cases “concerning fraudulent investment solicitation.” Out of these 224 cases, 164 cases comprised of those who have fallen victim.

During the first quarter of last year, the Japanese financial watchdog recorded cryptocurrency queries amounting to 3,559. With the watchdog recording 788 cryptocurrency queries in the fourth quarter, there has a significant drop in the consultations.

From a regulatory standpoint, the Financial Services Agency has been tightening its regulatory control in the country’s crypto space. Although the FSA indicated that they need the crypto market to grow, the regulator affirmed that such growth has to be achieved within the regulatory framework.

In June 2018, the FSA said that it would continue to punish cryptocurrency exchanges that do not follow the set anti-money laundering guidelines.

Do you think the falling cryptocurrency queries have a direct correlation with the falling crypto prices in 2018?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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