Japan’s financial regulator, the Financial Services Agency (FSA), has recently released data on the number of cryptocurrency-related queries it has received in the last quarter of 2018, when the crypto ecosystem’s bear market appears to have reached its low point.
According to the published data the regulator, which is responsible for overseeing the cryptocurrency ecosystem in Japan, received 788 inquiries regarding cryptocurrencies, little over half the 1,231 it received in the third quarter of 2018.
The report notes that 235 (29%) of the 788 cases were general inquiries and questions regarding cryptocurrencies and the ecosystem, while 228 (28%) were related to individual transactions. The sharp drop in crypto-related queries is likely related to the crypto market’s performance.
In the beginning of 2018, the FSA received 3,559 queries. During that period, CryptoCompare data shows bitcoin’s price dropped from over $13,000 to over $8,000. As the bear market kept dragging down cryptocurrency prices, the number of inquiries the FSA received kept dropping as well.
Last year, as reported, the financial regulator revealed it was set to impose new limits on initial coin offerings (ICOs), and to recommend new cryptocurrency regulations.
The FSA has also revealed 190 companies have tried to register as cryptocurrency operators with it in a bid to enter Japanese crypto markets late last year. While the number of crypto-related queries has been dropping, businesses have shown interest in the crypto markets.