Japan’s cryptocurrency space started with $23M when the first cryptocurrency exchange opened in 2014.
However Japan’s digital currency market grew to $97B in 2017, according to the first ever crypto data set from the market regulator FSA (Financial Services Agency).
The agency also noted that Bitcoin’s credit, margins, and futures trading jumped from $2M to $543B during the same period.
The FSA released its report to provide a real picture of the exponential growth of the digital currency space over the past year. The report is also aimed at giving wider transparency about the space, the FSA said.
Figures gathered by the FSA from 17 digital currency exchanges in Japan showed an estimated 3.5M individuals trading in cryptocurrencies as of March 31st, 2018.
However, the agency noted the numbers could be significantly higher as at least 32 cryptocurrency exchanges are operating in the country.