Japanese financial regulator Financial Services Agency (FSA) has published a report of Q4 2018 crypto-related enquiries data on February 08.
The FSA report remarks that the number of crypto-related enquiries decreased from the period between September 2018 and December 2018. The FSA also said that it had received a total of 788 cryptocurrency enquiries when compared to the 1,231 cryptocurrency queries it received on the period between June and August’ 18.
Since the beginning of 2018, the number of enquiries has decreased by nearly five times from the 3,559 appeals registered by the FSA during the first three months of 2018.
The report declares that 235 cases (29%), include general enquiries and questions, while 228 cases (28%), are related to the impacts of individual transactions.
The FSA believes that the current slump in the number of enquiries could be because of the bearish trends of the crypto trade market.
Back in December 2018, Japan’s Financial Service Agency (FSA) published a draft report, framing cryptocurrency regulations. The crypto-regulatory framework involves measures that were earlier not addressed such as self-regulation, hacking incidents, privacy coins, deemed dealers, and margin trading.
The FSA had stated that –
“It is mandatory for exchanges to have net assets equal to or more than the amount equivalent to currency and repayment funds in the event of a hack” for consumer protection.
The unexpected decline in the number of enquiries can indicate one of the two things, either people understand the complexities of cryptocurrency trade market from other sources or the recent regulatory reforms and the bearish market could have decreased the number of enquiries.
Will the crypto-related enquiries decrease further this year? Share your thoughts on the comments below.