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Japanese Agency Claims 170% Increase in Crypto-related Inquiries in 2018

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Japanese premier citizen complaint agency Consumer Affairs Agency (CAA) has reported that 2018 saw a sizeable 170% increase in queries relating to cryptocurrencies. The uptick is one of the highest in the industry in recent years signals increasing trend towards cryptocurrency investment among the general public.

The CAA while working under the Japanese Cabinet Office is responsible for feedback and daily affairs of the government. The CAA provides credible data to the parliament on consumer protection and the general sector for analysis and policymaking. Data from last year shows that over 3657 inquiries were made by customers throughout the calendar year. The data shows a 1.7 times increase from 2017 which is half the increase witnessed from 2016 to 2017 (3.5 times).

Consistent growth has been witnessed in the sector since 2014 according to data records from CAA. The most common queries relate to crypto exchanges and their credibility, refunds and withdrawal requests and complaints, security-related matters, login issues and difficulties with vendors accepting cryptocurrencies that are not responding to buyers. The data from the Financial Services Agency (FSA) shows that crypto related inquiries decreased in the last quarter of 2018 which shows a relationship with the healthiness of the Bitcoin price index, considering BTC touched lowest levels at that time.

Japan continues to be one of the most progressive countries when it comes to adopting cryptocurrencies and there is a lot of awareness among the public regarding the sector. There is also a perception of open-mindedness when it comes to the Japanese public.

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