Japanese politician Akihisa Shiozaki, who was involved in the creation of Japan’s cryptocurrency regulations, has called for more transparency in the wake of FTX’s bankruptcy.
According to Shiozaki, the Japan Virtual and Crypto assets Exchange Association (JVCEA) did not properly alert investors of the risks associated with FTX Token (FTT), which FTX Japan listed in February 2022 after its approval from the JVCEA.
However, JVCEA also mandated FTX Japan to monitor the FTT balance of its parent company’s trading arm, Alameda Research, which led to the sudden downfall of FTX.
Despite the incident, Shiozaki suggests that JVCEA should relax its strict token listing screening process and potentially allow tokens that were previously traded in Japan to be listed on exchanges.
