Japan’s Crypto Popularity Declined
September 13, 2019
Japan’s Crypto Popularity Declined
September 13, 2019

Japan’s Financial Services Agency (FSA) issued a report on September 3 indicating a decrease in crypto-related inquiries during the latest quarter. Only 494 crypto inquiries were submitted to the FSA office in the second quarter ended June 30. 

The number of inquiries decreased from 574 recorded in the first quarter ended March 30, dropping a total of 13.9%. In the meantime, 89 cases of illegal investment offers were reported to the FSA. 

FSA Instigates AML Sweeping Program

It has been reported that the data suggests the investors of Japan who are losing interest in cryptocurrencies. However, there has been speculation that the decline is a result of the FSA’s recent crackdown on crypto exchanges

This move is a part of the FSA’s anti-money laundering protocols which aimed at prosecuting crypto exchanges that offer anonymous transactions or do not require enough user identity information. Japan is reportedly attempting to address issues of money-laundering and hacking that have been general in the world’s third-largest economy. 

ALSO READ :  Syniverse Universal Commerce - First Blockchain-Based Roaming Solution Developed With IBM Now Live

Anthony Pompliano Confirm FSA Advocates Bitcoin 

Anthony Pompliano, known as a Bitcoin Evangelist, tweeted about the FSA’s attitudes towards Bitcoin, saying that “Japan’s Financial Services Agency is a big proponent of Bitcoin and Lightning Network.”

Pompliano argued that he held discussions with FSA executives in Japan and insisted that the agency “wants to see Bitcoin and Lightning Network succeed.” 

He also tweeted, “They have a fairly clear regulatory framework, they want to see Bitcoin/LN succeed, they specifically told me that they think open networks will win, and they are hoping to be a world leader in adopting both aspects of the tech.”


Crypto News Point a news platform of Digital Notice Media Labs is a regular publication of information, analysis, and commentary focused primarily on blockchain technology and business, cryptocurrency, blockchain-based tokens, market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any security.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

You May Also like

Ishita Bora

Ishita Bora is a content creator at Digital Notice Media Labs. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. She is an archetypal writer, who loves to create her own little world with words and locutions. Apart from this, her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.
Share This

Share This

Share this post with your friends!