DAOs are another area where Japan is positioning itself to emerge as a leader. Japan’s digital ministry is creating its own DAO.
Japan required that customer assets and exchange assets be separated, and that most exchange assets be kept in cold wallets. When FTX imploded, Japan’s regulatory approach showed its strengths.
One of Japan’s competitive advantages is regulatory clarity, in sharp contrast to the United States. The U.S. has a variety of federal regulators including the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), plus a patchwork of state regulators. Japan has one crypto regulator: the FSA.
It’s clearly not easy to operate an exchange in Japan. In addition to rules about segregation of assets and cold wallets, exchanges must entrust customers’ fiat to a Japanese trust company or bank trust. And there are regular audits to make sure that exchanges play by the rules.
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