Japan’s crypto margins, credit and futures market soars 200% in four years
Japan’s crypto trading volume increased five-fold from US$22 million in 2014 to US$97 billion in 2017.
Japan’s Financial Services Agency (FSA) released inaugural domestic cryptocurrency trading data and stats, revealing the meteoric rise of the local cryptocurrency industry and corresponding financial marketplaces.
Local cryptocurrency traders in their 20s (28%), 30s (34%) and 40s (34%) make up the majority of the market.
The FSA declared that the country’s bitcoin trading volume has increased five-fold over the last four years, growing from US$22 million in March 2014 to US$97 billion in March 2017.
However, what was most interesting to note was the exponential growth of the nation’s bitcoin margins, credit and futures markets. Approximately 142,800 traders exist in these markets as of March 31, 2018.
Trading bitcoin as an underlying asset within these futures markets has exploded in recent years, rising nearly 200% from just US$2 million in 2014 to a colossal US$543 billion in 2017, according to Japan’s FSA data.
A Japanese research group consisting of financial institutions, government representatives and venture enterprises has put forward a proposal for rules to inform initial coin offerings (ICOs) and token sales.
Yahoo Japan will reportedly purchase a 40% stake in BitARG Exchange Tokyo this month in order to take advantage of the company’s technology and construct its own cryptocurrency exchange. However, BitARG has denied this declaration and revealed that it has not made any formal decisions regarding any acquisitions.
The cryptocurrency industry has suffered US$673 million in losses during the first quarter 2018, as a result of global hacks, ponzi scams, phishing attacks and digital currency theft, according to the latest research report.
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