Japan’s slow approval system is seen as a significant barrier for Web3 startups, according to WeFi CEO Maksym Sakharov. He emphasizes that the lengthy two-step review process can stretch to over a year, forcing many projects to seek overseas options.
Sakharov compares Japan unfavorably to more agile regulatory environments in places like Singapore and the UAE, where approvals are faster. He urges for changes to the approval culture to retain innovation and investment as domestic crypto projects increasingly look abroad.
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