TechFlow news: The Japan Times published a commentary article suggesting that as the U.S. crypto industry faces a regulatory winter, Japan may benefit and gain greater influence.
Previously, the collapse of FTX raised concerns about similar downturns potentially affecting other countries including Japan. However, some Japanese industry insiders believe that due to Japan's established legal framework for the sector, the turmoil in the U.S. could become an opportunity for Japan to enhance its standing in the global cryptocurrency landscape. Noriyuki Hirosue, head of Tokyo-based cryptocurrency exchange Bitbank and chairman of the Japan Virtual Currency Exchange Association, believes that tighter regulation in the U.S. will not necessarily be replicated in Japan.
As an early adopter of crypto legislation, Japan has learned lessons from past major exchange failures such as Mt. Gox and Coincheck, and has since implemented robust regulatory measures. Under national law, cryptocurrency exchanges must register with the government and submit annual reports, while also complying with strict measures to prevent money laundering and terrorist financing.
