Maksym Sakharov, CEO of WeFi, expressed concerns about slow regulatory processes in Japan and their impact on the crypto industry.
Criticism of Slow Regulation
Maksym Sakharov claims that the slow regulation of cryptocurrencies in Japan has become a significant barrier for the sector. He emphasizes that regulatory delays, rather than high taxes, are forcing developers and capital to seek more favorable conditions abroad.
Impact on Innovation and Capital
According to Sakharov, regular delays in project and token approvals significantly impede the launch of new developments. This leads many crypto initiatives to relocate to jurisdictions like the UAE and Singapore that offer more flexible business conditions. The local crypto market faces challenges in attracting resources and talent.
Future of Regulation in Japan
Experts note that if regulatory processes do not change, Japan's financial and technological sectors could face long-term issues. Possible reforms, including the reclassification of tokens under securities laws, are being discussed, which may further extend approval timelines and complicate the innovation landscape.
Thus, regulation in Japan continues to be a significant hurdle for the growth of the crypto industry, raising concerns among both local experts and market participants.
