170% Increase in Consumer Inquiries About Crypto reported by Japan
Japan’s Consumer Affairs Agency reported that 2018 recorded a 170% increase in the number of consumer queries about cryptocurrencies as compared with the previous year.
The Consumer Affairs Agency (CAA) is an administrative agency of Japan’s Cabinet Office — the office responsible for the day-to-day affairs of the government’s executive branch (the Diet). The CAA submits its report on the consumer sector and matters of consumer protection to the Diet each year.
The CAA’s research indicates that in 2018, consumer queries about crypto exchanges hit 3,657 cases, roughly a 1.7 increase over the previous year.
The CAA revealed that the main content of such inquiries included questions in regard to crypto exchanges’ credibility, requests for refunds, security-related matters, difficulties with logins or payments, and difficulties with crypto-related vendors that fail to respond to clients.
The agency further revealed that a number of inquiries regarded investment difficulties.