TOKYO – 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.
“What’s brought about the latest scandal isn’t crypto technology itself,” said Mr Yanase, who’s also worked on banking supervision. “It is loose governance, lax internal controls and the absence of regulation and supervision.” In the US, the Securities and Exchange Commission signalled it would step up its crackdown on crypto firms, while Germany’s securities watchdog has called for global rules to ensure financial stability. Singapore’s central bank plans to ring-fence retail customers from the volatile virtual-asset marketplace.
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