Asia Leads Crypto Regulatory Charge: Japan Revising Policies for Stablecoins, NFTs, and DAOs

• Japan is revising policies to welcome crypto, with a focus on stablecoins, NFTs, and DAOs, as other global regulators become wary of crypto.
• CoinDesk Executive Director of Global Content Emily Parker discusses the difference in the U.S. and Asia’s approach to crypto regulations, and what can be learned from regulatory frameworks in Singapore, Hong Kong, and Japan.
• Insights on FTX users in China are also provided.

The crypto industry has been making strides all over the world, and this is especially true in Asia. As U.S. regulators and lawmakers become more wary of crypto, Asian countries have been revising policies to welcome crypto with open arms. Japan, in particular, has recently been working on policy and guidelines for stablecoins, NFTs, and DAOs, recognizing the ever-increasing importance of crypto in the global economy.

CoinDesk Executive Director of Global Content Emily Parker recently discussed the difference between the U.S. and Asia’s approach to crypto regulations, citing the implosion of FTX and other similar stablecoin regulations. She noted that Japan, in particular, had already put tight regulations in place that helped insulate FTX Japan and its investors from heavy losses.

Parker also discussed what can be learned from the various regulatory frameworks in place in countries like Singapore, Hong Kong, and Japan. She identified the differences between these countries’ approaches to crypto and noted that all three have been successful in adapting to the quickly changing crypto landscape. Additionally, she provided insights on FTX users in China, noting that they are highly active and knowledgeable about the crypto market.

All in all, it’s clear that Asia is leading the way when it comes to crypto regulation. With Japan’s stringent policy in place, and other countries following suit, the crypto industry can look forward to a future of continued growth and innovation in Asia.

CFTC Commissioner Urges Congress to Expand Crypto Oversight to Prevent Crises

Bullet Points:
• CFTC Commissioner Kristin Johnson is calling for Congress to expand the CFTC’s authority to review crypto acquisitions.
• Johnson is concerned that existing regulation may not be enough to prevent future crypto crises.
• She is advocating for regulation that formalizes the obligation to separate customer property, ensure financial resource requirements, and introduce effective governance and risk management controls.

The recent collapse of FTX, a crypto derivatives exchange, has sent shockwaves through the cryptocurrency industry and has caused many to question the level of oversight and regulation of the space. In light of this, CFTC Commissioner Kristin Johnson has urged Congress to expand the agency’s authority to review crypto acquisitions in order to prevent any future crypto crises.

During a speech at Duke University on Wednesday, Johnson proposed that the U.S. agency should be able to conduct due diligence on any company – domestic or foreign – that seeks to purchase a minimum 10% share of the equity interest in a CFTC-registered market participant. She believes this would help ensure that customer property is properly separated, financial resource requirements are met, and effective governance and risk management controls are in place.

Johnson also noted that existing antitrust legislation may not be enough to protect investors from the risk of another crypto crisis. She argued that Congress should consider revisiting the existing regulatory frameworks in order to ensure that the CFTC is able to effectively oversee crypto acquisitions and provide proper protection to investors.

In the wake of the FTX collapse, Johnson is hoping that Congress will act quickly to expand the CFTC’s authority and ensure that proper oversight is given to crypto acquisitions. She believes that this is an important step in preventing future crypto crises and providing investors with the protection they deserve.