According to CoinMeta, as reported by nada and news, in the research meeting materials published on October 20th, the Japanese Financial Services Agency listed the regulation of DEFI and DEX as priority topics for study. The discussions are intended to cover smart contract risks, anti-money laundering measures, and whether DEX integration service providers need to assume obligations for risk disclosure and identity verification. Nomura Holdings, a major Japanese financial group, suggests that Japan should not implement overly strict DEFI regulations ahead of other countries, and should ensure a level of freedom comparable to that of overseas markets, while avoiding imposing excessive restrictions on non-hosted wallet service providers. Currently, these matters are still in the research phase, and no formal regulatory provisions have been established yet.