Potential Crypto Risks: Avoiding Another Sam Bankman-Fried Scenario Through Clear U.S. Regulation

“Japan Adopts Web3 in National Economic Strategy and Enhances Crypto Regulations in Response to Past Lessons

In June of this year, the Japanese Financial Services Agency (FSA) took significant steps to amend the Payment Services Act (PSA). This move reflects Japan’s proactive approach to refining its regulatory framework for stablecoins and cryptocurrency assets. The amendment not only redefined crypto assets but also introduced fresh guidelines for crypto asset exchanges, as well as new regulations for the banking and travel sectors. Furthermore, it established a comprehensive framework for stablecoin issuers.

This strategic action by Japan demonstrates its commitment to adapting and innovating within the evolving crypto landscape, learning from previous crises, and prioritizing consumer protection.”