The Consumer Affairs Agency (CAA), an administrative agency of Japan’s Cabinet Office responsible for consumer protection, has reported that it has been receiving an incessant number of inquiries relating to cryptocurrencies.
In its report, the CAA said that the agency received 3,657 inquiries regarding cryptocurrencies over the course of its most recent fiscal year – roughly a 70 percent increase over the previous year.
Most of the concerns raised were regarding crypto exchanges’ credibility and reliability, refund requests, security-related matters, anonymity concerns, login and payment processing technical difficulties, and inapproachable crypto-vendors.
The report came after the country’s National Tax Agency announced plans to take action against entities underreporting their crypto-based profits. The agency has deployed around 200 specialists to detect undeclared cryptocurrency trade-related incomes.
