The adoption of crypto assets has been of great concern to policymakers ever since Facebook announced its proposed cryptocurrency, Libra, in mid-2019. Behind this concern lies the possibility of widespread Libra adoption for day-to-day transactions, bringing with it a set of serious risks related to money laundering, illicit financing, and consumer and investor protection. This study first investigates the variables that distinguish Japanese crypto-asset owners from nonowners, then investigates the variables that distinguish the owners belonging to each group from the rest of the owners. The second investigation focuses on four groups: owners’ level of understanding of crypto assets, the profitability of their investment in crypto assets, their holdings of conventional risky financial assets, and their adoption of noncash payment methods. In addition to the usual demographic variables, financial literacy, financial behavior, conventional risky financial asset holdings, and use of noncash payment methods are also investigated. Both probit models and multinomial logit models are estimated and two results are obtained. First, 35 variables distinguish average Japanese crypto-asset owners from nonowners. Owners are more likely to be male, aged below 30 years, have higher pretax income, work in private or public companies, or be self-employed, and be graduate-school graduates compared with nonowners. Owners tend to have higher financial literacy from two perspectives: a measure of objective financial literacy and the experience of financial education at school, and lower financial literacy from three perspectives: the experience of financial education about money management by parents at home, experience of financial troubles, and knowledge about credit cards, than average nonowners. Regarding financial behavior, owners tend to be overconfident about their financial literacy, impatient, judge based on reputation in selecting financial products, lack self-control, and less risk-averse than nonowners. Owners tend to have experience investing in conventional risky financial assets and to use noncash payment methods. Second, 40–60% of variables that statistically significantly distinguish between the average owners and nonowners also differentiate the owners belonging to three of the four groups (excluded is the group that uses noncash payment methods) from the owners not belonging to the groups. These results suggest that policies for crypto-asset owners, if ever implemented, should not only consider the average owner's characteristics, but also owners’ heterogeneity.

自从Facebook在2019年中期宣布其拟议的加密货币天秤座以来，加密货币资产的采用就一直受到决策者的极大关注。这种担忧的背后是日常交易广泛采用天秤座的可能性，这带来了一系列与洗钱，非法融资以及保护消费者和投资者有关的严重风险。这项研究首先研究了区分日本加密资产所有者与非所有者的变量，然后研究了将属于每个组的所有者与其他所有者区分开的变量。第二次调查的重点是四类：所有者对加密资产的了解程度，他们对加密资产投资的获利能力，他们持有的常规风险金融资产以及他们采用非现金支付方式。除了通常的人口统计变量之外，还研究了金融素养，金融行为，常规风险金融资产持有量以及使用非现金支付方式的情况。估计了概率模型和多项式对数模型，并获得了两个结果。首先，有35个变量将日本的平均加密资产所有者与非所有者区分开。与非所有者相比，所有者更有可能是男性，年龄在30岁以下，税前收入较高，在私营或上市公司工作，或者是自雇人士，并且是研究生院毕业生。所有者往往从以下两个角度获得较高的金融知识：客观的金融知识和学校金融教育经验的度量；从以下三个角度来看，金融知识则较低：与普通的非所有者相比，在父母在家进行理财的金融教育方面的经验，财务问题的经验以及有关信用卡的知识。关于金融行为，所有者往往对自己的金融素养过于自信，缺乏耐心，在选择金融产品时基于声誉进行判断，缺乏自我控制能力，并且比非所有者更具规避风险的能力。所有者往往具有投资于常规风险金融资产的经验，并使用非现金支付方式。其次，在统计上显着地区分平均所有者和非所有者的变量中，有40-60％还会将属于这四个组中的三个（不包括非现金支付方法的组）的所有者与不属于该组的所有者区分开。这些结果表明，针对加密资产所有者的政策，