💭 [Analysis] To prevent lost crypto assets, Canada should follow Japan’s approach- Nick Chong

Japan is setting the pace with crypto regulation because of its history, particularly with Mt. Gox. Mt. Gox led to two decisions: 1) the recognition of Bitcoin ($BTC) as a valuable asset and 2) the need for regulation akin to other investments. When the next storm hit Japan, with the $530 million Coincheck hack in 2018, Japan knew what to do. Now, the 16 crypto exchanges in Japan lead the world in security. With the recent QuadrigaCX debacle, governments need to recognize the importance of regulation in the nascent market. Canada, minus one province with AML rules, had no crypto regulation. For crypto to be a secure financial market, look to Japan.