More than 3.5 million people in Japan are trading with cryptocurrencies, the country's financial watchdog estimates.
This data is published by the Japanese Financial Services Agency (FSA), which investigated 17 domestic virtual currency exchanges to check if they are following the government's digital currency regulatory policy.
The most popular cryptocurrencies in Japan are BTC, ETH, XRP, BCH, and LTC.
Japanese cryptocurrency traders are mostly young in the 20-40 age group accounting for 84 percent of the total crypto trading population.
Japanese Yen has gained a competitive edge against other national currencies in adopting bitcoin and allowing cryptocurrency exchanges to flourish.
Currently, the Japanes currency accounts for 60 percent of global BTC trades. Over the past two years, a remarkable amount of funds has flowed into virtual currency transactions, FSA reports.
The report is the latest effort by the financial watchdog in bringing greater transparency to the crypto currency market.
Following the recent hacking of Japanese crypto exchange Coincheck, Japan's financial regulator made a widespread crackdown on the country's cryptocurrency exchanges to step up consumer protection.
Cybercrime has become widespread in Japan, where more than 3 million attempts to steal digital information were recorded last year.
The government is setting up Tokyo based anti-cyber crime center to fight crypto currency theft.
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