Japan’s 6-12 Month Crypto Approval Delays Drive Projects Offshore
Japan’s regulatory framework for cryptocurrency is increasingly viewed as a drag on innovation, with industry leaders attributing the country’s slow progress in the crypto space to bureaucratic delays rather than proposed tax changes. Maksym Sakharov, co-founder and CEO of Web3 firm WeFi, highlighted that Japan’s “slow, prescriptive, and risk-averse” approval processes are the primary reason crypto projects are relocating offshore [1]. According to Sakharov, even if a proposed 20% flat tax on crypto gains is enacted, the existing regulatory bottlenecks will persist in deterring startups and liquidity from operating within Japan [1].
The current two-step approval system, which requires self-regulatory review by the Japan…
