Japan’s Crypto Approval Process Is Slower Than My Grandmother’s Wi-Fi

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Ah, Japan, where the only thing that moves faster than a turtle in a race is the approval process for crypto startups. 🐢💸 Maksym Sakharov, CEO of WeFi, says the real issue isn’t taxes—it’s the FSA’s “slow, prescriptive, and risk-averse” culture. Because nothing says “innovation” like waiting 12 months to launch a token. 🕒

Sakharov told CryptoMoon that even a 20% flat tax won’t save Japan’s crypto scene. “The 55% tax is a slap on the wrist,” he said. “But the real pain? The FSA’s ‘pre-approval’ model. It’s like asking a toddler for a 10-page report on your startup. 😭”

Listing a token in Japan? Good luck. First, the JVCEA reviews your work like a teacher grading a toddler’s crayon drawing. Then the FSA checks it again, because they’re *very* thorough. 🚧 The result? Startups flee to Singapore, where “strict” means “we’ll get back to you in a week.” 🇸🇬

“The process is designed to avoid downside, not to accelerate innovation,” Sakharov said. Which is just code for “we’re terrified of anything that isn’t a 1990s spreadsheet.” 📊

Japan trails UAE, South Korea and Singapore

Japan is slower than a snail on a treadmill. 🐌 While the UAE zips through approvals, South Korea focuses on “ongoing obligations” (read: less paperwork), and Singapore? They’re just *too* strict. But at least they don’t make you wait for a response. 😏

Sakharov warns that tax cuts won’t fix Japan’s problem. “Culture eats tax cuts for breakfast,” he said. So, if you’re a crypto startup in Japan, your breakfast is a plate of disappointment. 🥞

His solution? “Time-boxed, risk-based approvals” and a sandbox that doesn’t feel like a prison. In other words, a miracle. 🙏

Without change, Japanese crypto projects will keep scaling abroad. Because nothing says “I love you” like a 12-month wait. 💔

Asia’s lead in crypto draws global attention

Meanwhile, Asia is busy being the cool kid on the block, while Japan is stuck in the 90s. 🌏🔥 Hong Kong’s “Ensemble Sandbox” is a fast-track to innovation, while the UAE’s frameworks are so progressive, they’re practically dancing. 🕺

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2025-07-26 16:27