Summary: Binance CEO Richard Teng praised Japan’s simple crypto regulations and rising adoption, referring to the country as having over 11 million crypto accounts in the previous year. In his speech at the Global Financial Technology Network Forum, he pointed out how Japan’s policies allow safe and sustainable development in the industry.
Binance CEO Richard Teng has complimented Japan’s regulatory strategy on cryptocurrency as transparent and a model for the development of the industry. Speaking at the Global Financial Technology Network Forum in Japan, Teng said that the country’s adoption of cryptocurrencies is growing, with over 11 million accounts in the previous year.
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He emphasized that Japan’s well-established regulatory framework supports a secure and sustainable digital assets environment. The country’s rules, led by the Financial Services Agency (FSA), offer transparency via the Payment Services Act (PSA) and the Financial Instruments and Exchange Act (FIEA). The legislations require exchanges to register, have stringent anti-money laundering (AML) and counter-terrorism financing (CFT) measures, and adhere to guidelines from the Japan Virtual Currency Exchange Association (JVCEA).
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Japan’s stringent regulation was seen when the FSA recently issued Bybit, KuCoin, MEXC Global, Bitget, and Bitcastle warnings for their operations without registration. Teng’s remarks point to Japan’s model being employed as a template by other countries looking to balance innovation and investor protection in the cryptocurrency space.