Japan’s Consumer Affairs Agency (CAA) has released its 2019 report and noted a significant spike in inquiries concerning cryptocurrency related issues last year. The report details a 70% increase in 2018 in regard to consumer queries largely stemming from exchange issues. Moreover, over the last two quarters of 2019, the Japanese yen paired with various cryptocurrencies like BCH and BTC has been climbing steadily, showing the country has a lot of demand for digital assets.
CAA Report: Crypto-Related Inquiries Spike by 70% in 2018
Over the last few years, Japan has been a hotbed for cryptocurrency innovation. Things really started heating up after Japan’s Financial Services Agency (FSA) officially announced that Bitcoin was recognized as a legal method of payment on April 1, 2017. Since then, there have been lots of crypto-related business developments, regulations formed, and crypto exchanges launched in the Pacific island nation. This week Japan’s Consumer Affairs Agency (CAA) published its 2019 consumer affairs report which touches upon inquiries and complaints surrounding the digital asset industry.
The latest CAA report has not yet been fully translated by the agency, but rough translations reveal that in 2018 there were roughly 3,657 cases that were tethered to cryptocurrency exchange complaints. The number represents a 70% increase in contrast to the prior year when there were 2,166 queries and complaints involved with digital currencies. The CAA has seen a consistent increase in queries since 2014. For instance, the number surpassed the previous year by 3.5X and 1.7X more than the year prior. Lots of complaints and queries derived from exchange customers who had issues receiving funds after paying and other complaints described user-side hacks.