Japanese cryptocurrency transactions will likely remain at this elevated level in the short to medium term due to favourable cryptocurrency-related business developments. Though the latest figures from March indicate a lower level of trading at 11 billion units, trading in 2021 thus far greatly exceeds 2020 levels, which averaged approximately 6 billion units per month. In terms of cryptocurrency units traded, this explosion of transactions peaked in January 2021 at nearly 28.5 billion units. In October 2020, the equivalent of almost 73 million yen was traded, jumping to over 417 million yen by the end of February 2021. Statistics from the Japan Virtual and Crypto Assets Exchange Association (JVCEA) illuminate a large upward trend in the number of cryptocurrency spot transactions by JVCEA members-including some of the country’s biggest exchanges like bitFlyer and Rakuten-between October 2020 and February 2021. Though that trend is likely to continue over the longer term, it may be tempered by regulation and an aging population.
In Japan, engagement with cryptocurrency has blossomed among investors and major firms. The popularisation of cryptocurrency and blockchain technology continues to grow worldwide.
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