Japan’s client safety watchdog experiences a rise in the variety of inquiries submitted by cryptocurrency merchants in 2018.
More Consumer Queries About Cryptocurrency in 2018
In its report, the Japanese Consumer Affairs Agency (CAA) revealed that cryptocurrency-related queries totaled 3,657 circumstances. This determine constitutes a 69% spike from 2017’s figures which amounted to 2,166 circumstances.
Despite the rise in the general quantity, the year-on-year progress in the whole variety of complaints did lower to 1.7x in 2018. Previous years had recorded a greater than 3.5x progress in the variety of queries acquired by the CAA.
This improve in the variety of complaints is one other indication of the recognition of the trade regardless of the bear market situations of 2018. Last 12 months, cryptocurrency costs tanked after reaching report highs in late 2017.
The huge plummet in costs throughout the board fairly additionally probably contributed to extra complaints being registered. Back in mid-2018, ValuePenguin – a client analysis agency issued a report exhibiting that the early 2018 decline in cryptocurrency costs triggered a rise in client complaints throughout the United States.
A Plethora of Complaints and Queries
According to the CAA report, the complaints acquired contained questions regarding a number of aspects of the cryptocurrency market.
Some of the core areas distilled from the over 3,600 circumstances embody inquiries about privateness, refunds in the occasion of theft or platform points, and poor consumer interface on some exchanges, to say just a few.
One of the extra troubling complaints revealed by the CAA was some merchants claiming sure exchanges engaged in fraudulent habits – false promoting, withholding buyer deposits, and never delivering bought cryptocurrencies.
The nation’s Financial Services Agency (FSA) will almost certainly be coordinating with the CAA to analyze these issues. The monetary regulator has since 2017 elevated its oversight of the cryptocurrency buying and selling enviornment.
Recently, the FSA has introduced its intention to introduce even tighter regulatory control on cryptocurrency exchanges. This transfer comes because the nation pushes for a good score by the Financial Action Taskforce (FATF) when the intergovernmental physique comes visiting later in the 12 months.
According to the report, many of the queries revolved round altcoin buying and selling. The CAA says the variety of bitcoin-related questions declined from 2017 to 2018.
Back in April 2019, Australia’s client safety watchdog additionally reported a 200% spike in crypto-related fraud in 2018.
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Images through ValuePenguin. Shutterstock