Though cryptos are a decentralized environment, there is a need for rules and regulations. Most people don't understand how this environment works so crafting a regulation is difficult. The Japanese have done the right thing by asking the industry operators to craft their own laws. It is the best way of policing. Yes, it will surely give other nations the clue to develop their own regulatory principles.
We have to realise that this is only for the exchanges and not aimed at crypto
projects themselves. Its a good move which will help to create consumer
confidence and hopefully invites more people into the space.
Whether this will encourage other countries to follow is another thing,
IMO countries have been slow to follow Japans positive approach to crypto so
maybe this move will help speed up the process.
