The ongoing turmoil in the US crypto market caused by the collapse of the FTX exchange could lead to a resurgence of cryptocurrencies in Japan, according to an article in the Japan Times.
The US Securities and Exchange Commission (SEC) has been cracking down on the cryptocurrency industry, adding fuel to the fire. Former Chairman of the Commodity Futures Trading Commission (CFTC), Chris Giancarlo, shared a photo of the Japan Times headline that reads “Crypto tumult in the US may be boon for Japan.”
In contrast, Japan has managed to protect its investors from such turmoil, thanks to its well-established legal framework. This gives Japan an advantage, especially considering its previous experiences with major crypto exchange failures, such as Mt. Gox and Coincheck.
The existing regulatory landscape in Japan has proven its effectiveness by successfully safeguarding investors from the consequences of the FTX incident. It demonstrates the country’s ability to provide a safe environment for crypto activities amidst global turmoil.
The current situation in the US could, therefore, serve as a catalyst, propelling Japan to the forefront of the global crypto market.
According to the former CFTC chairman, Japan’s ability to turn a potential crisis into an opportunity highlights its potential for a crypto revival, making it a beacon of hope during these tumultuous times.
Compiled by Coinbold