The recent collapse of FTX, one of the world¡¯s major cryptocurrency exchanges, has prompted policymakers across the globe to examine stricter regulations for the industry. In Japan, the episode has sparked a sense of deja vu.
In January 2018, a massive hack of Tokyo-based crypto exchange Coincheck saw the theft of about ?58 billion ($446 million at current exchange rates) worth of digital tokens, sparking calls for stringent regulations and prodding the country¡¯s financial watchdog to initiate a sweeping crackdown on domestic exchanges.
Prior to the Coincheck incident, Japan had been seen as a leading nation in the crypto world, as the country set related regulations ahead of other major nations and enjoyed huge exchange volumes for bitcoin. But the tightened rules cast a pall over the sector, with a slew of the exchanges struggling to keep up with the regulatory standards.
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