3.0 2.5 2.0 1.5  Japan  1.0  United States  0.5  Euro area  0.0 ‐0.5 ‐1.0 CY 2000  03  06  09  12  15  18  Note: Japan's figures incorporate the effects of the consumption tax hikes.
9 In the letter, we reminded firms that the first step when considering engaging in crypto-related activities is to establish that the activities are legally permissible, and that there are sufficient controls in place to ensure these activities can be conducted in a safe and sound manner and in compliance with all applicable laws.