Crypto trades seen as 80% speculative

Jiji Press TOKYO (Jiji Press) — Speculative trading accounted for some 80 percent of transactions at 18 cryptocurrency exchange operators in Japan in fiscal 2017, an industry group said Tuesday.

The value of overall transactions of bitcoin and four other major cryptocurrencies came to ¥69,146.5 billion in the year that ended on March 31, the group said in materials submitted to an experts’ meeting held by the Financial Services Agency.

The overall value increased dramatically from ¥3,515.9 billion in fiscal 2016, ¥87.7 billion in fiscal 2015 and ¥2.6 billion in fiscal 2014.

The share of speculative trading, such as margin trading and other leveraged trading, grew from less than 10 percent in fiscal 2014 to 56 percent in fiscal 2016, exceeding that of spot trading.

The 18 exchange operators include 15 companies registered under the revised payment services law that took effect in April last year.Speech

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