Japanese financial regulators have called on international regulators to treat cryptocurrency in the same way that they treat banking, calling for stricter regulations for the industry, as reported by Cointelegraph.
According to Cointelegraph, Mamoru Yanase, the deputy director-general of the Strategy Development and Management Bureau of the Financial Services Agency, believes that cryptocurrency needs to be regulated.
“If you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions,” Yanase added.
Cointelegraph further noted that the financial watchdog of Japan made the remarks after the collapse of FTX in November, which shook the sector and prompted a rush of regulatory action.
As per Cointelegraph, the sale of FTX Japan and other corporate subsidiaries was approved by the American court presiding over the FTX case. 41 parties were reportedly interested in purchasing the Japanese exchange branch, according to a Cointelegraph report from last week.
Oki Matsmoto, CEO, Monex stated on January 16 that the company was interested in purchasing FTX Japan and added that less competition in the region would be “very good” for the financial services company, Cointelegraph noted.
(With insights from Cointelegraph)