Japan’s Slow Crypto Approval Process Holds Back Innovation, Says WeFi CEO
Main Idea
Maksym Sakharov, CEO of WeFi, highlights that Japan's lengthy crypto approval process, not high taxes, is driving projects overseas, and calls for faster approvals and supportive sandbox environments.
Key Points
1. Japan's crypto approval process requires two-step approval from the Japan Virtual and Crypto Assets Exchange Association and the Financial Services Agency.
2. The approval process can take 6 to 12 months or longer, creating pressure on projects.
3. Many projects are forced to launch abroad due to the lengthy approval times in Japan.
4. Sakharov advocates for quicker, more flexible approvals and supportive sandbox environments to retain projects in Japan.
Description
The post Japan’s Slow Crypto Approval Process Holds Back Innovation, Says WeFi CEO appeared first on Coinpedia Fintech News Maksym Sakharov, CEO of decentralized bank WeFi, says Japan’s slow and cautious regulatory process is the main reason Web3 startups and crypto funds are moving overseas—not the high taxes. Japan requires a two-step approval from the Japan Virtual and Crypto Assets Exchange Association and the Financial Services Agency, which can take 6 to 12 months or longer. This long wait...
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