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- Japan is urging global regulators to treat crypto with the same rigor as they do banks.
- Mamoru Yanase, FSA’s Deputy Director General, believes crypto should be regulated.
- Yanese proposed US, EU regulators to introduce new restrictions for crypto exchanges.
Following the collapse of Sam Bankman-Fried’s FTX digital-asset exchange, Japan is calling on global regulators to treat cryptocurrencies with the same rigor as they do banks. Mamoru Yanase, the Deputy Director General of the Financial Services Agency’s (FSA) Strategy Development and Management Bureau, believes that the crypto sector needs to be controlled.
Speaking on the matter in an interview, Yanase stated,
Crypto has become this big, if you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions.
Furthermore, Yanase discussed FTX’s crash. He argued that the situation was not brought about by the existence of crypto alone. Instead, he cautioned that “lax internal controls,” “loose governance,” and inadequate supervision contributed to the FTX’s massive scandal.
Yanase claimed that Japan’s FSA has started urging regulators in other countries, including the US and EU, to regulate crypto exchanges just as rigorously as they would regulate banks. He further stated ...
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