Mars Finance News, according to Cointelegraph, WeFi CEO Maksym Sakharov pointed out that the main obstacle to the development of the Japanese crypto industry is not tax policy, but its "slow, risk-averse" approval mechanism. Currently, launching tokens or initiating an IEO in Japan requires self-regulatory review by JVCEA and final supervision by FSA, with a process taking 6-12 months, leading many local projects to choose overseas launches. Compared to more efficient regulatory frameworks in regions like the UAE and Singapore, Japan experiences multiple delays in token review and product change notifications. Experts recommend that regulatory authorities adopt a "risk-based timely approval" mechanism and establish a supportive sandbox environment for functions such as Staking.
WeFi CEO: Japan's approval mechanism hinders the development of the crypto industry
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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