Financial regulators in Japan have urged global regulators to treat crypto the same way as they do banking, calling for tougher rules for the sector.
“If you like to implement effective regulation, you have to do the same as you regulate and supervise traditional institutions,” he said according to a Jan. 17 BloombergThe comments from Japan’s financial watchdog come in the wake of the collapse of FTX in November, which rattled the industry and sparked urgency for regulatory action.
you cant regulate 'crypto' like a bank unless you regulate PEOPLE like a bank. We decline to be regulated.
Japan has a point. CeFi works more and more in the same way TradFi does. DeFi however doesn't. We need regulation to increase trust in DeFi - but we need more creativity regarding DeFi-regulation.
They're not serious
The comments from Japan’s financial watchdog come in the wake of the collapse of FTX in November, which rattled the industry and sparked urgency for regulatory action.
Regulating cryptocurrency could unlock big potential. It would bring the whole crypto space to a whole new level and create opportunity for everyone. hodl blockchain
Crypto is decentralized sorry they can't
Agreed! Making regulations in line with traditional finance is a step in the right direction for crypto adoption. We must HODL for the future and keep innovating! DeFi Blockchain
So Crypto companies can break the law and get away with it with a simple fine, because it sure as heck is not stopping the banking industry to break the law over and over.
you cannot regulate something different in the same way traditional finance has worked
How will they incorporate problems regarding the blockchain trilemma within FinTech by using regulations placed in the traditional financial system?
…cos at the end of the day it’s just another asset class
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