Mamoru Yanase – Deputy Director-General of Japan’s Financial Services Agency – urged global watchdogs to impose tougher regulations on the cryptocurrency industry.It’s All Because of FTXto Yanase, one way to prevent another collapse of a cryptocurrency platform is if regulators treat such entities as traditional financial institutions. The Japanese referred to the demise of FTX, saying its bankruptcy and alleged fraud committed by Sam Bankman-Fried have wrecked the entire blockchain sector.
Yanase further argued that global regulators should protect consumers by enforcing more stringent anti-money laundering rules, applying enhanced governance on the crypto industry, and running internal auditing and control.“What’s brought about the latest scandal isn’t crypto technology itself. It is loose governance, lax internal controls, and the absence of regulation and supervision,” he said.
a permit in September 2022 to operate in “the Land of the Rising Sun.” Its renewed interest comes as a result of the relaxed crypto laws which Prime Minister Fumio Kishida promised to enforce: “Japanese Prime Minister Fumio Kishida’s agenda for reinvigorating the economy under the rubric of “New Capitalism” includes supporting the growth of so-called Web3 firms. The term “Web3″ refers to a vision of a decentralized internet built around blockchains, crypto’s underlying technology.”the Sakura Exchange BitCoin . The latter operates as a cryptocurrency exchange and is registered with the FSA.intentions to leave the Japanese market, citing unstable economic conditions.
“Current market conditions in Japan, in combination with a weak crypto market globally mean the resources needed to further grow our business in Japan aren’t justified at this time. As a result, Kraken will no longer service clients in Japan through Payward Asia.”