“After a recent trip to Tokyo, it’s hard to overstate how out of sync Japan is with much of the world. No one I spoke to seemed particularly fazed by the FTX meltdown or the string of crypto implosions that preceded it,” emilydparker for PolicyWeek
of Asia, if not the world. But the hack spooked regulators in a big way, and Japan seemed to vanish off the crypto map. For a time it seemed almost impossible to list new tokens on exchanges.
“The reason why we ask for this kind of segregation of assets is because we learned our lesson from past incidents like the Mt. Gox and Coincheck hacks. Fortunately or unfortunately, we got used to this kind of emergency situation in crypto. Compared to other jurisdictions, we are knowledgeable,” Ushida said.Before the FTX debacle was the demise of Terra’s terraUSD , the algorithmic stablecoin that collapsed in May.
“Tether, USDC are not listed on Japanese exchanges,” the FSA’s Ushida said. “In general because we ensure that a stablecoin is really stable, reserve assets are secure and redemption can be done on request.” A lot of Japanese content is seriously undervalued, explained Masaaki Taira from the LDP’s Web3 Project Team. Some of this has to do with deflation, but it is also because much of it is in the hands of the content holders and not available on the global market. NFTs provide a path to digitizing this content and bringing it to a wider audience, thus potentially increasing its value.
"There is no nation-state that has formal DAO legislation,” said Akihisa Shiozaki, also a member of the House of Representatives and member of LDP's Web 3 Project Team.
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