Anxiety as cryptocurrency trends tailspin in Japan: New FSA data shows

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  • FSA a shattering drop in the volume of enquiries regarding cryptocurrency.
  • FSA Counseling Office for Financial Services Users recorded a drop from 574 in Q1 to 494 in Q2.
  • The slump emphasizes the crypto depression in the last eight weeks.

 The latest data from the Japanese financial watchdog the Financial Services Agency (FSA) indicates a shattering drop in the volume of enquiries regarding cryptocurrency. The drop in the data precisely from the Counseling Office for Financial Services Users resembles the drop in cryptocurrency prices over the last couple of months.

Looking back on the quarter ending on June 30, 2019, the Counseling Office of the regulator dealt with 494 inquiries. This number indicated a considerable drop from 574 enquiries recorded in the first quarter of 2019. The slump emphasizes the crypto depression in the last eight weeks. In addition, the drop could also be used to highlight the dwindling hype surrounding digital assets and the increase regulatory grip by Japanese authorities.

According to Financefeeds, news outlet citing the data from the FSA:

“The number of enquiries about investment products grew from 1,999 to 2,164 in the second quarter of the year. If sorted by product, 406 (18%) of the enquiries related to listed shares, 232 (10%) related to FX, and 152 (7%) related to investment trusts.”

It is important to note that the Counseling Office received 89 reports regarding fraud in investment offers.

 

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