Following the failure of Sam Bankman-Fried’s FTX digital-asset exchange, Japan is calling on regulators worldwide to treat cryptocurrencies with the same strictness as banks. As per the reports, Mamoru Yanase, deputy director-general of the Financial Services Agency’s Strategy Development and Management Bureau, thinks cryptocurrencies should be regulated.
Germany’s securities watchdog has asked for international rules to stabilize the financial system. The central bank of Singapore wants to protect regular people from the volatile virtual asset market. According to Cointelegraph, Japan’s financial regulator made the comments after the FTX collapsed in November, which sent shockwaves across the industry and spurred swift regulatory action.
An American court had approved the purchase of FTX Japan and other corporate subsidiaries in the FTX lawsuit. There was interest from 41 different parties in the Japanese exchange division. On January 16, Oki Matsumoto, CEO of Monex, said that the firm was thinking about purchasing FTX Japan and that he believed less competition in the region would be “extremely positive” for Monex.
These comments from Japan’s Financial Services Agency (FSA) come as no surprise, as the Japanese government is trying to provide a safe and secure trading environment for its citizens.
