The approval mechanism of WeFi CEO in Japan hinders the development of the encryption industry

According to Cointelegraph, Maksym Sakharov, CEO of WeFi, pointed out that the main obstacle to the development of Japan's cryptocurrency industry is not tax policies, but its "slow and risk averse" approval mechanism. At present, launching tokens or IEOs in Japan requires self regulatory review by JVCEA and final supervision by FSA, which takes 6-12 months, resulting in many local projects choosing overseas IPOs. Compared to more efficient regulatory frameworks in regions such as the United Arab Emirates and Singapore, Japan has experienced multiple delays in token review and product change notifications. Experts suggest that regulatory authorities adopt a "risk-based time sensitive approval" mechanism and establish functional sandbox environments that support staking.