Japan Prods US and EU to Regulate Crypto Like Banks
- Regulator making voice heard through Financial Stability Board
- FTX exchange’s implosion has spurred calls for closer scrutiny
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Japan is urging the world’s regulators to treat crypto as strictly as they do banks, adding to the calls for tougher rules following the collapse of Sam Bankman-Fried’s FTX digital-asset exchange.
“Crypto has become this big,” Mamoru Yanase, deputy director-general of the Financial Services Agency’s Strategy Development and Management Bureau, said in an interview. “If you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions.”