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Japan’s Slow Crypto Approval Process Holds Back Innovation, Says WeFi CEO
Japan’s Slow Crypto Approval Process Holds Back Innovation, Says WeFi CEO
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BTCCSquare news:
Maksym Sakharov, CEO of decentralized bank WeFi, criticizes Japan's sluggish regulatory framework for crypto assets. The country's two-step approval process—requiring nods from both the Japan VIRTUAL and Crypto Assets Exchange Association and the Financial Services Agency—often takes six to twelve months. This bureaucratic delay is driving Web3 startups and crypto funds to more hospitable jurisdictions.
Sakharov advocates for streamlined approvals and regulatory sandboxes to foster domestic innovation. "The bottleneck isn’t taxation," he notes, "it’s the inability to MOVE at blockchain speed." Without reform, Japan risks becoming a footnote in the next chapter of financial technology.
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