Japan urges global regulators to treat cryptocurrencies with the same strictness as banks

ChainCatcher message, according to Mamoru Yanase, Deputy Director of the Strategic Development and Management Bureau of the Financial Services Agency of Japan, following the FTX collapse in November, global regulators should treat cryptocurrencies like the banking industry and call for stricter regulations on the sector. He stated, "If we are to implement effective regulation, we must do so in the same way we regulate and supervise traditional institutions."

In addition, Yanase acknowledged that the problem does not lie with crypto. "The latest scandal was not caused by the crypto technology itself," he added, "but by loose governance, lax internal controls, and a lack of regulation and oversight." Currently, Yanase has urged regulators in the U.S. and Europe to apply the same rules to cryptocurrency exchanges as they do to banks and brokerage firms. (Bloomberg)