Virtual Currency Exchange Association reports on Japanese trading trends

The association reports that deposit balances for users of cryptocurrency exchanges in Japan for September 2019 totaled JPY363 billion (approximately USD$3.33 billion). Of this amount, crypto assets accounted for the equivalent of approximately JPY277.4 billion (USD$2.55 billion), and legal tender accounted for approximately JPY8.56 billion (USD$790 million).

These figures are down slightly when compared to the previous month (August 2019), which had a total of JPY379.2 billion (USD$3.48 billion) in account deposit balances. However, this is due to a drop in the market price for some cryptocurrencies in the period between August and September, and the number and amount of deposits in September actually increased by 4.9% when compared to August.

September also saw a significant increase in spot transactions and margin trading, with an additional 27.6%, in spot transactions, with margin trading growing almost 2.4 times over August.

There were around 3.07 million user accounts in September, with 1.94 million of those accounts, or 63% determined as active. In August, there were 3.04 million user accounts, with 1.92 million active. Although the number of active accounts did not experience any markable change, the number of accounts grew.

The JVCEA was established in 2018 with the purpose of becoming a unified self-regulating body for cryptocurrency exchange operators, and was fully certified as a self-regulating organization for cryptocurrency by the Japanese government’s Financial Services Agency in October 2018.