Japan Pushes Global Peers to Regulate Crypto Like Banks

Japan urges global regulators to treat crypto as strictly as they do with banks, adding to calls for tougher rules after crash Sam Bankman-Fried FTX digital asset exchange.

“Crypto has gotten so big,” Mamoru Yanase, deputy director general of the Financial Services Agency’s Strategy Development and Management Office, said in an interview. “If you want to implement effective regulation, you must do the same as you regulate and supervise traditional institutions.”

FTX’s bankruptcy and fraud charges against Bankman-Fried have hit the crypto sector, highlighting gaps and differences in global digital asset regulation. The rules of Japan helped…