Japan is urging global regulators to treat cryptocurrencies as strictly as they do with banks, adding to calls for tougher rules after the collapse of Sam Bankman-Fried’s FTX digital asset exchange.
“Crypto has become so important,” said Mamoru Yanase, deputy director general of the Financial Services Agency’s Strategy Development and Management Office. “If you want to implement effective regulation, you must do the same as you regulate and supervise traditional institutions.”
The bankruptcy of FTX and fraud charges against Bankman-Fried beat the crypto industry, highlighting gaps and differences in global digital asset regulation. The Japanese rules have helped protect investors, who are set to be able to withdraw their funds from the local FTX affiliate next month.
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