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Japan’s Slow Crypto Approval Process Hinders Innovation, Claims WeFi CEO
Maksym Sakharov, the chief executive officer of decentralized bank WeFi, has highlighted Japan’s sluggish regulatory process as the primary reason why Web3 startups and crypto funds are opting to relocate abroad. In his recent statements, Sakharov emphasized that it is not the high taxes in Japan that are driving these projects away, but rather the lengthy approval period.
According to Sakharov, Japan requires a two-step approval process from both the Japan Virtual and Crypto Assets Exchange Association and the Financial Services Agency. This arduous process can take anywhere between 6 to 12 months or longer, creating undue pressure on innovative projects. The CEO urged for more expeditious and adaptable regulatory approvals, as well as supportive sandbox environments, to facilitate domestic crypto innovation growth.
Sakharov’s remarks underscore the need for Japan’s regulatory bodies to rethink their approach to cryptocurrency and blockchain development. By adopting a more agile and flexible framework, the country can attract more investments, create jobs, and foster an environment conducive to innovation.
Sources:
Source: coinpedia.org
