Regulation in Japan has taken a long and winding route - the Asian country was the first to recognize Bitcoin as a form of legal tender, but it is also the country where the two biggest hacks in the history of this ecosystem happened; Mt. Gox & Coincheck.
The latter hack, which saw thieves make off with $530 mln in NEM, prompted Japanese regulators to step in and address security concerns at many of the exchanges in the country.