Crypto Risks Another Sam Bankman-Fried if U.S. Doesn’t Provide Clear Regulation

Japan, which heeded lessons learned from a previous crisis and put consumer protections in place, has incorporated Web3 into its national economic plan. Additionally, in June this year, the Japanese Financial Services Agency (FSA) amended the Payment Services Act (PSA). The agencies wanted to update the country’s regulatory framework for stablecoins and crypto assets. This amendment revised the definition of crypto assets, included new guidelines for crypto asset exchanges, banking and travel rules, as well as a new framework for stablecoin issuers.