Asian countries, particularly Japan, are poised to benefit from the United States’ crackdown on cryptocurrencies. Japan, which was once the leader in the crypto hub race, could emerge as a winner in the industry. Local industry players believe that the US crackdown presents an opportunity for Japan to strengthen its presence in the crypto space. Japan already has a solid legal framework for cryptocurrencies and could become a hub for the sector. Meanwhile, US regulators are tightening controls, but Japan’s regulations may not follow the same path. Japan has established legislation and regulations for cryptocurrencies, and its regulations are strict, requiring exchanges to register with the government. The country is also ahead of others in terms of regulations for stablecoins. In contrast, the US lacks a regulatory framework for crypto exchanges. Japan has recently eased tax rules for digital token issuers, further improving the business environment in the country.
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