A report on Japan’s crypto exchange mecca has delivered impressive figures as regulators push for transparency.
A report from Japan’s self-regulatory body the Japanese Cryptocurrency Business Association (JCBA) revealed at a meeting of a study group commissioned by the Financial Services Authority (FSA) analyzed various data from 17 major exchanges in 2017.
The meeting was the first for the study group, which focuses specifically on issues related to the cryptocurrency exchange industry.
Figures presented paid special attention to the giant rises in volume attributed to cryptocurrency investment, Japan having risen to become the world’s biggest trading market last year.
From just $22 mln annual trading volume in 2014, Bitcoin rose to $97 bln in 2017 – an increase of 340,000 percent in three years.
Secondary trading options involving margins, credit and futures exploded even more in the same period – from $2 mln in 2014 to $543 bln in 2017.
Last year in Japan, 3.5 million active investors participated in the domestic market.
The FSA continues to reshape the integrity of the cryptocurrency exchange arena in Japan after Coincheck’s $530 mln hack in January sent ructions through international markets.
Inspections, penalties and shutdowns of exchanges have followed in recent months, despite Coincheck earning a sudden reprieve last week when online broker Monex Group confirmed a buyout worth $33.5 mln, plus “contingency payment”.