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Crypto-boom in Japan is gaining momentum

JAPAN (OBSERVATORY) –┬áJapan once again confirms the leadership in the crypto-currency market. This is evidenced by data published by the Japan Financial Services Agency (FSA).

According to the information released, the country retains the place of the leader of the crypto-trade. Thus, only last month, 3.5 million people took part in 17 domestic exchanges in the digital currencies trading, 84% of which belong to the age group from 20 to 40 years.

Such indicators, undoubtedly, did not become a surprise. Similar surveys conducted earlier also showed the predominance of young people among crypto traders. This interest is fully justified. Unsurprisingly, the constant growth of trade volumes is seen. Over the past three years, the monthly sales of bitcoin in Japan have increased almost 4.5 times, from $ 22 billion to $ 97 billion.

The publication of the report of the Japanese financial controller coincided with the time of activation of the country’s authorities in terms of working out measures to effectively regulate crypto currency. Just a week ago, it was reported that a research group supported by the government had developed a guideline for regulating the ICO.

The document establishes the basic requirements for identifying investors, preventing money laundering by criminal means, monitoring the progress of projects, and protecting shareholders and holders of debt obligations. All these proposals should be considered by the regulator before the end of April and, most likely, will be legislated.

In the document, the ICO tokens are not considered in the status of securities, and, accordingly, do not fall under the strict laws on securities that are managed in the United States.

“ICO is an innovative technology, so if we can implement good principles and rules, it has a great potential to become a new way of attracting financing,” says one of the developers of the provision.