Japanese Crypto Trading Soars

Conor Maloney
  • Japan is now the largest Bitcoin trading market in the world
  • Government-backed group to regulate the ICO space

Japan's Financial Services Authority (FSA) released a survey taken from 17 different cryptocurrency exchanges recently that showed a skyrocketing crypto-trading industry.

In a country of 127 million people, there are reportedly 3.5 million active traders, with BTC, ETH, XRP, BCH, and LTC being the most traded currencies. Statistics show that 85% of traders are aged 20 - 40, with 35% of that group in their 30s. Bitcoin trading, in particular, has shown astonishing growth, with annual trading rising from $22 million in 2014 to $97 billion in 2017. Trading Bitcoin as an underlying asset showed even more astonishing figures, trading $2 million in 2014 to $543 billion in 2017 - Japan is now the largest Bitcoin trading market in the world as Chinese traders look to Japanese exchanges amid the Chinese regulatory crackdown.

In November and December last year, $150 billion worth of Bitcoin was traded in the BitFlyer exchange alone. Another bullish survey revealed that 14% of young Japanese professionals aged 25-30 own cryptocurrency, revealing that crypto trading is in full swing in Japan even as the market volatility continues. In fact, 50% of the survey participants declared that they would continue, investing despite the price swings.  

 

Capture.PNG

Above you can see Bitcoin's trading volume by currency as shown on CryptoCompare, with Japanese Yen ahead of the game.

The Japanese government certainly seem to be taking the necessary steps to preserving their booming crypto trading industry, with positive regulatory measures being discussed to legalize ICOs in Japan.

Fidelity’s Crypto Division Expands Into Europe With Bitcoin Custody Services

  • Fidelity Investments' crypto arm has made its first foray into European markets.
  • Fidelity will offer bitcoin custody for London-based crypto investment firm Nickel Digital Asset Management. 

The cryptocurrency arm of financial giant Fidelity Investments has made its first move into Europe by acting as a custodian for London-based Nickel Digital Asset Management. 

According to a report by Reuters published Jan 14., the two companies announced that Fidelity Digital Assets will serve as the official custodian for bitcoin held by Nickel Digital Asset Management, a cryptocurrency investment firm. The report claims institutional investors around the globe have been hesitant to participate in cryptocurrency due to the high volatility and lack of back-office services such as custody.

Chris Tyrer, head of the European division of Fidelity Digital Assets, says the barrier to entry for institutional clients is gradually being lowered. 

He told Reuters, 

We see those three factors slowly resolving themselves, and as a result we are seeing a pick up in institutional investor interest.

Tyrer said the company has been receiving interest from family offices, wealth managers and crypto companies across Europe and stressed the benefit of uniform regulation in the European Union. 

Fidelity, based out of Boston, has more than $7.8 trillion in assets under management. 

Featured Image Credit: Photo via Pixabay.com