Japan’s financial regulator, Financial Services Agency (FSA) has published a report of Q4 2018 data on February 08.
The FSA report remarks that the number of crypto-related inquiries decreased from the period between September 2018 and December 2018. The Japanese financial regulator said that it received a total of 788 cryptocurrency inquiries when compared to the 1,231 cryptocurrency queries it received on the period between June and August’ 18.
The report declares that 235 cases (or 29%), include general inquiries and questions, while 228 cases (or 28%), are related to the impacts of individual transactions.
Since the start of 2018, the number of inquiries has decreased by nearly five times from the 3,559 appeals registered by the FSA during the first three months of 2018.
The FSA believes that the current slump in the number of inquiries could be because of the bearish trends of the crypto trade market.
Earlier in December 2018, Japan’s Financial Service Agency (FSA) had published a new draft report, framing cryptocurrency regulations. The new 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 inquiries can indicate one of the two things, either people can understand the complexities of the cryptocurrency trade market from other sources or the recent regulatory reforms and the bearish market could have contained the number of investments and thus decreasing the number of inquiries.
Will the crypto-related inquiries decrease further this year? Share your thoughts on the comments below.