Yanase’s Call for Effective and Constructive Regulation

The Financial Services Agency, one of Japan’s regulators, argued that the cryptocurrency industry needs the same level of control and regulation as traditional finance. According to the news reported by Bloomberg, Mamoru Yanase, Deputy Director General of Japan Financial Services Agency Management Bureau, made important statements about cryptocurrencies. Calling for an effective and constructive regulation on cryptocurrencies, Yanase argued that the industry should be taken seriously.

Emphasizing that the crypto industry needs the same level of regulation as financial institutions and banks, Yanase urged regulators in the US and EU to show the same sensitivity. Mamoru Yanase, who did not limit her call to the USA and the EU, added that all countries around the world should “request precise information” on consumer protection measures from local exchanges.

“If you want to enforce effective regulation, you must apply the same regulations you apply to traditional institutions.”

Also touching on the issue of FTX, Yanase emphasized that he expects FTX Japan to resume withdrawals as of February. Using the expressions “We are in close communication with FTX Japan”, Yanese stated that they are making the necessary effort to ensure that customers do not become victims.

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