Jun 29, 2023 (coindesk.com) - The two Far East financial hubs take a comprehensive approach to overseeing crypto, and are likely to attract businesses from around the world.
As CoinDesk publishes its list of global crypto hubs, there are two striking omissions. Tokyo and Hong Kong are very publicly welcoming crypto at a time when other jurisdictions, notably the United States, are sending a far less friendly message. So why didn’t they make the list? One possible reason is that even though neither are new to crypto, both retreated from the spotlight for some period of time. But now, Japan and Hong Kong are poised to become increasingly important players in the crypto world.
Let’s start with Japan, which is actively trying to position itself as a Web3 powerhouse. To be clear, Japan is hardly a newcomer. But after the cryptocurrency exchange Coincheck was hacked in early 2018, the country went into something like hibernation. Regulators tightened the reins, and the mood in the crypto community was not particularly upbeat.
Now, Japan is clearly back. Regulators learned lessons from the Coincheck hack and that of Mt. Gox before it, and put in place safeguards to protect users. So when much of the crypto world was reeling from the collapse of FTX, FTX Japan users were relatively protected. Some politicians in Tokyo are actively seeking to lay out clear rules of the road for crypto. ...continue reading
