Japan Urges Regulators Worldwide to Subject Crypto Exchanges to Bank-Level Oversight

Japan Urges Regulators Worldwide to Subject Crypto Exchanges to Bank-Level Oversight


Japan has reportedly urged other countries, including the U.S., to regulate crypto exchanges like they do banks. A top official at the Financial Services Agency explained that the recent FTX implosion wasn’t brought on by crypto technology but by “loose governance, lax internal controls, and the absence of regulation and supervision.”

Bank-Level Cryptocurrency Regulations

Japan’s Financial Services Agency (FSA), the country’s top financial regulator, has urged regulators globally to subject cryptocurrency exchanges to bank-level regulations, Bloomberg reported Monday. Mamoru Yanase, deputy director-general of the FSA’s Strategy Development and Management Bureau, was quoted as saying:

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If you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions.

The FSA has called for stronger crypto regulation following the collapse

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